's (NYSE: CHWY) stock soared 27% on May 29 after the company released its latest report. For the first quarter of fiscal 2024, which ended on April 28, the online pet retailer's net sales grew 3% year over year to $2.88 billion and beat analysts' estimates by $40 million. Its adjusted earnings per share (EPS) jumped 55% to $0.31 and cleared the consensus forecast by $0.11.

Chewy followed up its earnings beat by announcing a new $500 million buyback plan, which is equivalent to approximately 7% of its current market cap. The bulls were clearly impressed, but is it too late to chase Chewy's post-earnings rally?

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Source Fool.com