Pet retailers rush to expand e-commerce offerings as online-only newcomers like Chewy Inc. disrupt the industry amid a post-pandemic boom.
Chewy’s revenue has jumped about two-thirds over the past three years, while sales at the largest publicly traded pet company, Petco Health and Wellness Co.have only risen 14% since they began trading in early 2021. Petco shares have reached a record low Thursday, after the downward revision of its earnings forecast. The pet divisions of food companies, including General Mills Inc. And JM Smucker Co. are also lagging behind.