Chewy (NYSE:CHWY) experienced a nearly 6% drop in its stock price pre-market today despite the announcement of its Q4 earnings that exceeded market expectations.

The company achieved an earnings per share of $0.19, surpassing analyst forecasts of a $0.03 loss per share. Additionally, its revenue of $2.83 billion exceeded the anticipated $2.8 billion. Compared to the previous year, Chewy’s gross margin saw a slight improvement of 10 basis points, reaching 28.2%, and its net margin grew by 80 basis points to 1.1%.

However, for 2024, Chewy has projected a slowdown in the growth rate of its pet category and expects unit growth to be limited due to trends in pet household formation that remain below historical averages.

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