CHWY - Why Chewy Stock Was Sliding Today
2023-05-24 13:42:15 ET
Shares of Chewy (NYSE: CHWY) , the online pet products retailer, were moving lower today. While there was no company-specific news out on Chewy, the stock seemed to fall in sympathy with rival Petco (NASDAQ: WOOF) , which posted disappointing results in its first-quarter earnings report this morning.
As of 12:12 p.m. ET, Chewy stock was down 3.7% after falling as much as 5.8% earlier in the session. Petco, meanwhile, was down 18.3% at the same time.
In its first-quarter earnings report, Petco said comparable sales rose 5.1%, driving revenue growth of 5.4% to $1.56 billion, which topped estimates at $1.51 billion.
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Why Chewy Stock Was Sliding Today