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Chewy, Inc. posted its first profitable quarter, with net income reaching $21 million in Q4 of FY2020, according to it annual SEC filing.

Sales for the quarter, which ended January 31, 2021, were $2.04 billion. The company's adjusted EBITDA for the quarter were $60.8 million, which represents an increase of $66.6 million year over year (YOY).

While the company still posted a net loss $92.5 million for the year, its annual adjusted EBITA for FY2020 was $85.2 million, which represents an increase of $166.2 million over FY2019.

Other key highlights from the filing include:

• Q4 net sales grew 51% YOY to reach $2.04 billion.

• Q4 gross margin was 27.1%—an increase of 300 basis points YOY.

• Annual net sales grew 47% YOY to reach $7.15 billion.

• Annual gross margin was 25.5%—an increase of 190 basis points YOY.

• Active customer count grew to 19.2 million (+43%) in FY2020.

• Autoship customer sales grew 45% to reach $4.89 billion.