Seemingly on top of the world during the depths of the pandemic, innovative fitness equipment manufacturer Peloton Interactive (NASDAQ: PTON) has been in a massive downward spiral ever since. The company's once insanely popular exercise bikes and treadmills were the talk of 2020 and most of 2021, but this excitement has disappeared awfully fast. 

What's going on with this consumer discretionary stock? In my opinion, Peloton is facing one issue that trumps all of its other problems. Let's take a closer look. 

In its most recent quarter (its fiscal 2023 first quarter, ended Sept. 1), Peloton posted revenue of $616.5 million, which was down 23% year over year. This three-month period marked the third straight quarter that sales declined (all greater than 20%) from the prior-year period. Compare this to during the coronavirus pandemic, when Peloton was regularly registering annual sales gains of over 100%.  

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Source Fool.com