Chewy (NYSE: CHWY) reported Q4 revenue of $2.04 billion versus the consensus estimate of $1.96 billion.

• Gross margin of 27.1 percent expanded 300 basis points year over year
• Net income of $21.0 million, including share-based compensation expense of $24.0 million
• Net margin of 1.0 percent improved 550 basis points year over year
• Adjusted EBITDA(1) of $60.8 million, an increase of $66.6 million year over year
• Adjusted EBITDA margin(1) of 3.0 percent improved 340 basis points year over year

“2020 was an incredibly challenging and unpredictable year for all of us. During this time, Chewy performed exceptionally well and made significant strategic and operational progress. Specifically, we grew net sales by 47 percent year over year, increased our customer base by 43 percent year over year, delivered our first full year of positive adjusted EBITDA, and generated the company’s first quarter of positive net income in the fourth quarter of 2020,” said Sumit Singh, Chief Executive Officer of Chewy. “Years of preparation and focus have positioned us as the Internet’s preeminent neighborhood pet store and a leading pure-play e-commerce company in the pet space. We look forward to a future marked by ongoing innovation and to winning customers’ hearts and minds as we grow to become the most trusted and convenient online destination for pet parents (and partners) everywhere.”

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