01:49 PM EDT, 05/29/2024 (MT Newswires) -- Consumer stocks were retreating Wednesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) and the Consumer Discretionary Select Sector SPDR Fund (XLY) each shedding about 0.5%.

In economic news, Redbook US same-store sales increased by 6.3% from a year earlier in the week ended May 25 after a 5.5% year-over-year increase in the previous week.

In corporate news, Abercrombie & Fitch ( ANF ) shared soared almost 22% after the company raised its fiscal 2024 revenue and margin guidance following stronger-than-expected top- and bottom-line gains in Q1.

Chewy (CHWY) surged past 28% after the online pet store reported stronger-than-expected fiscal Q1 results and lifted its full-year margin guidance.

American Airlines ( AAL ) shares sank 15% after the company cut its Q2 earnings outlook late on Tuesday. The airline also said its chief commercial officer will leave next month.