Reorder sales are strong: on a TTM basis, they've risen 21% in just the past two years. But the obvious top-line concern here is that smaller new customer cohorts will pressure reorder sales at some point down the line. And with Chewy Pharmacy launching this summer, competitive pressure for new customers is only going to get more intense going forward.

Reorder sales (which includes any customer who has previously placed an order) rose 10%+. New order sales, however, fell by about the same amount.

It operates a "gray market" business model, in which it acquires inventory indirectly, angering veterinarians and suppliers in the process.

largely irregular purchases