Chewy revealed a $500 million share buyback plan
Retail stocks are in focus today, as investors await to unpack the Federal Reserve’s preferred inflation gauge. Traders will use the reading and the performance of the retail sector to gather more insight on the state of the U.S. economy, as well as the future of the central bank’s interest rate path.
Chewy Inc (NYSE:CHWY) stock is down 5.9% to trade at $27.41 after a $500 million share repurchase from BC Partners was announced. The shares are on track for their fourth loss in six sessions, and have now shed more than 29% over the last 12 months. Before the negative price action, CHWY nabbed its highest close of 2024 earlier this month, and still stands 15.8% higher year to date.
Earlier this week, Foot Locker Inc (NYSE:FL) revealed an amendment to increase the size of its revolving credit facility to up to $750 million. Foot Locker stock was last seen 2.8% lower at $25.31, on track for its third-consecutive loss. FL is already down 11.2% quarter to date, and now sports an 18.8% year-to-date deficit.
Kohls Corp (NYSE:KSS) is experiencing a much more subdued pullback this afternoon, last seen 0.5% lower at $23.15. The security was already underperforming on the year, sporting a 19.7% year-to-date loss. Like FL, KSS in pacing for its third-straight daily loss, and is extending its quarter-to-date deficit to more than 21%.