Live news: Shares of pet retailer Chewy soar after posting surprise profit

Shares of petcare retailer Chevy soared 13 percent after a surprise profit and a strong full-year outlook.

The company earned $22.2mn in net income, an increase of 20 per cent year-on-year and a blow to analysts who had expected a loss of $10.6mn. Its sales of $2.78 billion improved by 14 percent over the same quarter last year.

A 0.9 percent decline in active customers to 20.4 million was more than offset by a nearly 15 percent increase in sales per active customer.

Chewy, which will begin its international expansion in Canada next quarter, forecasts full-year sales of between $11.15bn and $11.35bn, within analyst estimates of $11.28bn.