Chewy (NYSE: CHWY) stock had a forgettable 2022. The pet supply specialist's stock price fell by over 30% through mid-December, roughly doubling the decline of the S&P 500 index.

That underperformance came as investors reacted to the fact that Chewy is experiencing a growth hangover compared to earlier phases of the pandemic when pet adoption rates soared and shoppers focused on e-commerce spending.

That hangover won't last forever, though, as company management made clear with a recent earnings update. Chewy is steadily winning market share and boosting profitability. Let's look at how those trends might put long-term investors in a great position if they simply hold this stock for five years or more.

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Source Fool.com