Chewy says pet ownership to keep increasing despite worries about rising costs

The retailer's stock posted its largest one-day gain in two years after management said pet-care item sales increased and it issued an upbeat sales outlook. Improved consumer demand for pet supplies and the positive guidance should support the equity's near-term performance, though the news is unlikely to move the broader sector.

Analysis

The retailer's stock posted its largest one-day gain in two years after management said pet-care item sales increased and it issued an upbeat sales outlook. Improved consumer demand for pet supplies and the positive guidance should support the equity's near-term performance, though the news is unlikely to move the broader sector.