Shares of the online pet supplier Chewy (NYSE: CHWY) jumped more than 20% in the extended trading session on Wednesday after the company reported stronger-than-expected Q1 financial results. Chewy’s revenue increased 14%, to $2.43 billion, from $2.14 billion in the year-ago quarter.

• Earnings per share (EPS) $0.4 vs. -$0.13 expected

• Revenue $2.43 billion vs. $2.42 billion expected

“Fiscal year 2022 is off to a good start as we drove solid 14 percent top-line growth and delivered sequential improvements in gross margin and profitability,” Chewy CEO, Sumit Singh said.

“Inflationary pressures and supply-chain disruptions are expected to persist and the consumer’s post-pandemic behavior continues to evolve.” – Chewy said.

Chewy now forecasts $10.2 billion to $10.4 billion in revenue this year and the online pet store expects second-quarter revenue in the range of $2.43-2.46 billion.

The chewy stock closed at $23.49 on Wednesday but the stock increased as high as $30 in after-hours trading after the earnings announcement. However, the stock is still down nearly 50% for the year and the stock has dropped by more than 63% over the past 12-months.

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