Shares of Chewy rose Wednesday as the pet supplies retailer's fiscal year sales outlook overshadowed mundane quarterly earnings.

Chewy stock advanced 1.9% to $23.20 in premarket trading on Wednesday after ending Tuesday down 1.7%. Shares have fallen 30% this year as of the closing bell on Tuesday.

The company on Wednesday posted adjusted earnings of 36 cents a share in the fiscal second quarter ended Aug. 2, up from 33 cents a year ago and matching Wall Street's expectations. Net sales grew 7.3% to $3.33 billion, in line with the analyst consensus call for $3.32 billion, according to FactSet.

While fiscal second-quarter earnings were unspectacular, the company raised its fiscal year net sales guidance to $13.46 billion to $13.57 billion from $13.4 billion to $13.55 billion. The new guidance at the midpoint is above Wall Street's expectation for $13.48 billion.

Chewy also guided for $3.323 billion to $3.358 billion in net sales in the fiscal third quarter. The analyst consensus forecasts quarterly net sales totaling $3.33 billion, according to FactSet.