Chewy and Other Pet Retailers Are Having a Tough Earnings Season. Here’s Why.

Chewy stock was falling sharply Thursday as it’s becoming clearer that pet lovers have been growing more cautious when buying treats and other items for their furry friends.

“Commentary suggests greater uncertainty on the ability to return to positive active customer growth in 2H. This has represented a key investor concern in our conversations, which is now likely to persist through at least Q4,” said Oppenheimer analyst Rupesh Parikh in a research note. The analyst rates the stock at Outperform with a $25 price target.

“Our dialogue with our suppliers confirms that these trends are permeating throughout the pet industry,” Singh said.

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