Shares of pet e-commerce company  (NYSE: CHWY) were down 17% in April, according to data provided by S&P Global Market Intelligence. From the perspective of the company's business fundamentals, it was a quiet month. But there was some analyst commentary that could have negatively impacted the stock's performance.

Chewy announced a new TV ad campaign on April 11. But I doubt this materially impacted the performance of Chewy stock last month. In the company's annual report, it says, "We invest free cash flow in marketing to attract new customers." Therefore, this expense is customary. 

With its ad campaign, Chewy says it's trying to attract new customers -- something that the company is currently struggling to do. For perspective, Chewy ended 2021 with 20.7 million active customers. However, it ended 2022 with just 20.4 million active customers.

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Source Fool.com