Chewy (CHWY) is poised to demonstrate consistent market share gains and reaffirm its full-year guidance during the company's upcoming Q2 results, RBC Capital Markets said Wednesday.

RBC said it expects quarterly net sales growth of 6.8% compared with consensus of 6.9%, representing a "modest" quarter-on-quarter slowdown as website traffic data and peer readouts point to a continued muted pet category.

RBC expects about 175,000 net additions quarter-on-quarter, resulting in about 21.67 million active customers versus consensus of about 21.75 million.

For the full year, the management is expected to leave the guidance unchanged, RBC said. Chewy currently expects 2026 net sales growth in the range of 6.5% to 7.5% compared with the company's prior range of 8% to 9%, according to the note.

Chewy is scheduled to report its Q2 earnings on Sept. 9.

RBC maintained the company's outperform rating with a $34 price target.

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