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Chewy stock rises as pet sales boom

Yahoo Finance Video

Yahoo Finance Live's Brian Sozzi discusses the rise in stock for Chewy as the pet retailer's sales trend above expectations.

Video transcript

[AUDIO LOGO]

[MUSIC PLAYING]

BRIAN SOZZI: Let's put a spotlight on the impressive week so far for shares of Chewy. Stock is up close to 20% on the week. We're seeing it add onto gains a little bit here in the early going. Dusting the NASDAQ composite's 5 and 1/2% gain.

The online pet retailer's stock got a big boost on Wednesday, especially into the close, as data from investment research outfit Yipit found Chewy sales trending above expectations for the current quarter. We will note that Chewy in late August, slashed its full-year sales outlook by a couple hundred million dollars and the stock got absolutely clobbered.