Pet products retailer Chewy cuts annual sales forecast, appoints new CFO
December 06, 2023 at 05:37 pm EST
Share
Dec 6 (Reuters) - Chewy on Wednesday cut its
annual sales forecast on weakening demand for pet products, and
named David Reeder as its chief financial officer.
Shares of Chewy slid 9.20% in extended trading after the
company said it now expects annual net sales between $11.08
billion and $11.10 billion, down from $11.15 billion to $11.35
billion it forecast previously.
The company has been grappling with softening sales as
inflation-hit customers trade down from wet pet food to dry pet
food.
Reeder will join Chewy next year February and replace
interim CFO Stacy Bowman who will continue to serve as chief
accounting officer.
Reeder has most recently served as CFO at GlobalFoundries
and was the CEO of Tower Hill Insurance Group before
that.
(Reporting by Annett Mary Manoj; Editing by Shailesh Kuber and
Shinjini Ganguli)
Chewy, Inc. is a pure-play e-commerce company geared towards pet products and services for dogs, cats, fish, birds, small pets, horses, and reptiles. The Company's brands include A Pet Hub, Bark and Slumber, B&G Martin, Babyliss Pro Pet, C&F, Nutro, ORIJEN, NexGard, Frisco and others. It offers quality pet food, treats and supplies, and pet healthcare products. The Company's product offerings include Food products such as dry food, wet food, veterinary diets and food toppings; Treat products, such as treat products, such as soft and chewy treats, biscuits, cookies and crunchy treats, dental treats, jerky treats, bones, bully sticks and natural chews; Vitamin and supplements, such as Hip & Joint, Digestive Health & Probiotics, Multivitamins, Heart & Liver and others, and Healthcare products such as Dental Care, First Aid & Recovery, Ear Care, Eye Care, Milk Replacers, DNA Tests and others. It serves its customers through its retail Website, www.chewy.com, and its mobile applications.