Chewy's stock fell 9% in premarket trade on Friday after the firm revealed wider-than-expected losses in the third quarter, despite sales matching expectations.

The company's drop in annual sales guidance at the high end, which is now expected to be $8.9 billion, down from September's forecast of $9 billion, has only added to the company's troubles. The guidance has been updated to meet the lower-end expectation of $8.9 billion.

Several brokerages have decreased their price expectations for the stock, including JPMorgan, Barclays, and Wells Fargo. UBS expects the stock to hit $46, down from $71 previously.Opinion: Chewy is no

Supply chain interruptions, labor shortages, and greater inflation were blamed for the company's poor results, which were just a touch lower than the same period last year at roughly $32 million. Employees' share-based pay contributed to the losses as well.

Part-time shifts, according to the corporation, are one of the methods it has used to solve personnel shortages by better optimizing interval-level labor predictions and providing greater flexibility to employees.

Net sales increased by 24% to $2.21 billion, and CEO Sumit Singh stated that active client acquisitions are still higher than pre-pandemic levels. Customer retention percentages have remained consistent with previous levels, he said.

Year over year, active customers climbed by roughly 15% to over 20 million by the end of October. Net revenues per active client increased by more than 15% to $419.