Chewy Stock Drops Despite Resilient Pet Business: Q4 2023 Earnings Update
Chewy's stock dropped 6% after reporting sluggish Q4 operating results, including a 1.6% decline in active shoppers and cautionary projections for the future due to a tough selling environment with lower pet adoption rates and cooled inflation. Despite management's optimism about long-term growth initiatives, the company is expected to struggle through at least one more year of weak results as the pandemic-growth hangover continues to impact the pet supply industry.
