Chewy Drops After Q1 Beat With Outlook Warning
Chewy, Inc. stock fell Wednesday. The online pet retailer posted a strong first quarter but cut its full-year sales outlook. It’s the lower 2024 forecast, not the last quarter’s results, that changed from yesterday. Management now sees slower growth for the year. Chewy opened at $21.00, ran up to $22.125 before giving it all back, last trading at $19.90, off 50 cents from its prior close. Volume was near 5.7 million shares. The stock’s quick reversal showed how fast relief turned to caution in the name.