After riding high during the height of the pandemic, e-commerce pet retailer Chewy (NYSE: CHWY) has had a rough go of it. However, it is worth noting that 2021 featured tough comps, as each quarter was being compared to 2020 when lockdowns led to increased e-commerce spending. Management attributed this margin compression to inflation and shipping costs but noted that price increases implemented in Q4 had not yet been reflected in results.