Chewy, Inc. (NYSE:CHWY) on Wednesday reported upbeat first-quarter results, but the online pet retailer lowered its fiscal 2026 sales outlook.

Adjusted earnings came in at 43 cents per share, ahead of the 39-cent consensus estimate. Net sales increased 7.7% year over year to $3.357 billion, exceeding analyst expectations of $3.352 billion.

For the second quarter, Chewy expects adjusted earnings of 36 cents per share, above analysts' estimate of 25 cents. The company forecast second-quarter sales of $3.30 billion to $3.33 billion, below the consensus estimate of $3.38 billion.

Chewy also lowered its fiscal 2026 revenue outlook to a range of $13.4 billion to $13.55 billion, down from its prior forecast ...