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Investing.com -- JPMorgan downgraded Chewy to Neutral from Overweight in a note on Friday, citing persistent macroeconomic pressure on the online pet retailer's organic growth even as the company executes well on its own initiatives.
In Q1, the company reported net sales of $3.36 billion, up 7.7%, and adjusted earnings per share of $0.43, both in line with consensus estimates.
Online pet-supplies retailer Chewy said Wednesday it expects net sales to come in between $13.4 billion and $13.55 billion this year, down from a prior forecast of $13.6 billion to $13.75 billion. Chief Executive Sumit Singh said that despite operating in a more challenging environment, Chewy continues to gain market share.
The online pet-supplies retailer said it now expects net sales to come in between $13.4 billion and $13.55 billion this year, down from a prior forecast of $13.6 billion to $13.75 billion.
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