Growth stocks are out of favor on Wall Street right now. The prospect of a recession hitting in 2023 has investors worried about declining sales. Rising interest rates threaten to pressure earnings, too, for companies that aren't yet self-funding.

But long-term investors can look beyond those concerns and focus on companies that will be setting new sales and earnings records in five years or longer. So, let's take a closer look at a few profitable growth stocks that are likely to grow through whatever selling environment develops in 2023 and beyond. Read on for some reasons to consider PepsiCo (PEP 0.20%), Lululemon Athletica (LULU 0.10%), and Chewy (CHWY 13.85%) shares right now.

1. PepsiCo

If you thought PepsiCo was a boring, slow-growth stock, then its 2022 performance should help change your mind. The snack and beverage giant raised its fiscal year outlook after organic sales jumped 16% in the Q3 selling period. Earnings are expanding almost just as quickly, up 14% thanks to the combination of cost cuts and price increases. Consumers aren't shying away from their favorite brands across franchises like Frito-Lay, Quaker Foods, and Pepsi's dozens of popular beverages even as they look to curtail overall spending.

Pepsi is now on track to boost organic revenue by 12% this year compared to the prior forecast of 10%. That boost would mark an acceleration over 2021's impressive 10% sales increase. Combined with a steadily expanding dividend, these gains should power solid returns for investors ahead.

2. Lululemon Athletica

Investors have some short-term worries about the apparel industry that are creating a compelling buy opportunity for Lululemon shares. Yes, the niche could see weaker results in late 2022 and early 2023. Nike recently predicted aggressive promotions in the U.S. market as companies work to get inventory levels back in line with slowing demand.

But Lululemon isn't overexposed to these challenges. Inventory levels are right in line with demand expectations through early December, management said in a recent earnings report. Sales were up a blistering 28%, too, on top of 31% growth a year ago. Finally, Lululemon demonstrates pricing power, as gross profit margin only fell by 1.3 percentage points in Q3 to 56% of sales .

LULU Gross Profit Margin Chart

LULU Gross Profit Margin data by YCharts

Investors should be rewarding that performance, but instead Lululemon stock has declined by about the same 20% as the wider market in 2022. The slump looks like an opportunity for investors willing to hold through some volatility over the short term.

3. Chewy

Chewy's almost 40% decline in 2022 doesn't make sense given the company's solid operating results through a challenging period for e-commerce specialists. The pet supply company expanded sales at a double-digit clip, even as consumers tilted spending back toward in-person retailers. In early December, Chewy reported an increase in profitability, as it found room to raise prices at a slightly faster rate than expense growth.

Chewy isn't as exposed to recession risks as much as you might think, either. While it is a retailer, more than 80% of its sales are for staples like pet food. Most of its revenue comes from customers who are committed to a subscription-like service for these consumables, too.

Toss in the fact that Chewy is profitable and generates positive cash flow, and you've got a recipe for market-beating returns over time. The pet supply industry will likely be much larger in five years, and Chewy's sales footprint should expand at an even faster rate over that time. Those are the big-picture metrics worth following for this attractive growth stock.