Chewy Stock Sinks on Cut to Sales Outlook, Slowdown in Customer Growth
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Chewy Inc. tumbled after the online seller of pet supplies cut its revenue outlook and said customer growth has slowed.
Sales in the current fiscal year will total no more than $10 billion as customer pull back on discretionary goods such as toys and treats, Chewy said in a letter to shareholders Tuesday. That’s down from a previous forecast of as much as $10.4 billion.