Chewy(CHWY) - 2022 Q4 - Earnings Call Transcript

The items that were one-time in nature contributed approximately 40 basis points of benefit to our Q4 gross margin. Relative to our expectations, the lower-than-expected spend on promotions and fuel this holiday season, drove the outperformance in the quarter. Full year 2022 gross margin increased 130 basis points to 28%, a new full year record high. Further boosting our liquidity position in the fourth quarter, we expanded our ABL by $300 million to $800 million with an additional $250 million accordion th ...