CHWY - Chewy Stock Is Ready to Bounce Back in 2024
2024-03-21 08:45:00 ET
Chewy (NYSE: CHWY) has been a dog stock lately, and Wednesday afternoon's mixed financial update isn't going to get it out of the doghouse. The pet supplies e-tailer has been a disappointing investment through most starting lines. The stock is down 25% in this otherwise buoyant year for the general market.
Chewy is also trading 54% lower over the past year and down 78% over the last three years but obviously wasn't supposed to be this way. The pandemic four years ago saw a surge in pet adoptions. That was naturally a boost for Chewy as traditional retailers initially shuttered and it became a potential health risk to go shopping in person.
Net sales surged 47% in 2020, a year that found many traditional retailers stumble. But top-line annual growth has slowed dramatically for the last three years, culminating in a mere 4% increase in net sales for the fiscal fourth quarter that the company posted after Wednesday's market close.
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Chewy Stock Is Ready to Bounce Back in 2024