Chewy reported a 7.7% rise in net sales to $3.36 billion for its fiscal first quarter, beating expectations that hovered around $3.36 billion. The online pet‑supplies retailer said it now expects total net sales for the year to fall between $13.4 billion and $13.55 billion, down from a prior range of $13.6 billion to $13.75 billion.

Analysts polled by FactSet had projected 2024 sales of $13.65 billion, so the lower outlook signals a shift in market sentiment. Chewy’s guidance for the current quarter now shows adjusted earnings of about 36 cents per share on sales projected at $3.3 billion to $3.33 billion, versus analysts’ 40‑cent target.

Chief Executive Sumit Singh said the company continues to capture market share, lift profitability and add new customers despite a tougher consumer backdrop. The revised forecast reflects tighter margins and a more competitive pricing environment, underscoring the need for Chewy to sustain growth while managing cost pressures.

With the lower sales range, investors may reassess the valuation of Chewy’s stock, which has traded near $90 per share in recent weeks. The company’s ability to balance growth and cost control will become a key metric for analysts as the pet‑supply market stabilizes and competitors press for price gains.