Doggone inflation takes a bite out of Chewy’s 2Q sales
By ANNE D’INNOCENZIO
AP Retail Writer
NEW YORK (AP) — Online pet retailer Chewy has reported a sales shortfall for its fiscal second quarter, a sign even spending on dog treats and other pet accessories has fallen victim to inflation. The company based in Dania Beach, Florida, also issued a sales forecast that fell below what Wall Street had been looking for. Its shares tumbled more than 9% after the markets closed. Chewy’s disappointing results underscore how shoppers are cutting back on discretionary items in the face of high inflation — even pet products that were once considered recession-proof.
