Chewy Shares Slip After CEO Cites Stretched Consumer
Chewy Inc. shares dropped 9.1% to $19.66 Tuesday after CEO Sumit Singh warned U.S. consumers are more financially strained than earlier this year. The decline put Chewy near its 52-week low ahead of its June 10 earnings report. Singh made the comments at a J.P. Morgan conference, citing multiple data points on weaker consumer demand. Petco fell 2.9%, while BARK rose 7.5% and Amazon slipped 2.1%.