Retail

Chewy shares tumble after pet retailer’s earnings and forecast disappoint

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Shares of Chewy sank in extended trading Wednesday after the online pet retailer’s second-quarter results and third-quarter outlook fell short of Wall Street forecasts.

The stock was down more than 11% at one point, before parring some of the losses to trade down roughly 9% at 5:30 p.m. in New York.

Chewy saw revenue rise nearly 27% on a year-over-year basis to $2.16 billion in the second quarter, but analysts were expecting sales of $2.20 billion, according to Refinitiv. The company also lost 4 cents per share, compared with estimates of a loss of 2 cents per share, according to Refinitiv.

Chewy’s third-quarter sales guidance of $2.20 billion to $2.22 billion also came in slightly lighter…



Source cnbc.com

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