Why Chewy Shares Are in the Doghouse Today
Chewy (NYSE: CHWY) shares tanked Wednesday morning after the company reported disappointing results for its 2021 fourth quarter. The online pet retailer missed analyst expectations on revenue, and reported a larger loss than anticipated. Its stock was down 12% as of 10:30 a.m. ET.
Chewy swung from its first profitable quarter in the year-ago period to a loss of $63.6 million in its fourth quarter ended Jan. 30. Analysts had expected a loss of $36 million. The company attributed the shortfall to increased expenses including labor and freight costs. Net margin was negative 2.7%, a 370 basis point decline over the prior year.
Source Fool.com
