Why Chewy Stock Was Down This Week
Chewy (NYSE: CHWY) shareholders lost ground to a declining market through most of this week. The stock shed 11% through Thursday trading compared to a 2.2% slump in the wider market. Chewy is now down a painful 44% so far in 2022, according to data provided by S&P Global Market Intelligence, while the S&P 500 is down 18%.
The broader market decline was a factor in Chewy's slump this week, but the bigger driver was management's update on the pet supply retailer's latest operating trends.
Chewy on Tuesday announced that sales in the fiscal second quarter (ending in late July) rose 13%, on top of big gains in the year-ago period. That expansion came despite a general shift in demand away from e-commerce and rising price sensitivity on the part of most consumers. Management said it was happy with the performance, considering those pressures.
Source Fool.com
