Shares of petcare retailer Chewy slid almost 9 per cent in extended trading on Wednesday after the company posted a wider net loss than expected and cut its full-year sales guidance.
The company, which had beaten investors’ estimates for earnings for six straight quarters, missed expectations with a $35.8mn net loss. It also cut its expected sales for the fiscal year to a range of $11.08bn to $11.1bn, down from its second-quarter forecast of $11.15bn to $11.35bn.
Chewy indicated that it saw signs of a cooling consumer economy, which has slowed in recent months due to higher borrowing costs. “Consumer spending behaviour remains opportunistic in the current environment,” the company said.
