Chewy ( CHWY +0.57% ) is a leading online seller of pet products that experienced weakening revenue growth over the past few years. As a result, the stock is down about 54% over the last five years and down slightly over the past 12 months. It significantly underperformed the S&P 500 , which has returned 87% since November 2020.

Still, Chewy is a profitable online retailer that's expanding its revenue opportunities into high-margin services. Its efforts could make the stock an attractive value right now. Here's how Chewy is positioning for profitable growth, and what that means for the stock's return prospects.

Repeat customers comprise most of Chewy's revenue

Chewy was regularly growing revenue at double-digit percentage rates until 2023. Increasing competition from large reta

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