The year is off to a great start for growth investors. The tech-heavy Nasdaq Index rallied 11% in January to claw back some of the heavy losses that investors saw in 2022.

There's no telling whether Wall Street sentiment will keep rising or will drop again on fears of a recession. That's why investors should focus on growth stocks that have good fundamentals like profitability and positive cash flow.

With that in mind, let's look at some good reasons to like Chewy (CHWY -0.64%), Lululemon Athletica (LULU 0.80%), and Tractor Supply (TSCO 1.02%) stocks right now.

1. Chewy has pricing power

Growth investors might like the fact that Chewy is growing sales at a 15% rate right now, even as the pet supply industry cools off after almost two years of unusually strong gains. But there are other excellent reasons to like this stock.

Start with Chewy's profitability, which rose by 2 percentage points to 28% of sales last quarter as the company raised prices. Customers didn't balk at the increase, and in fact, its proportion of auto-ship orders hit a new high. It's great news that Chewy could boost margins while growing sales in a tough operating environment. Look for those operating strengths to shine through in 2023 and beyond.

2. Lululemon raised its outlook

Lululemon's stock fell in January after the company warned about declining profitability in the fourth-quarter period. Smart investors can look past that challenge, which is likely only short-term in nature.

The apparel specialist raised its growth forecast, after all. Management now sees revenue rising to between $2.66 billion and $2.7 billion, up from the prior range of $2.6 billion to $2.65 billion. Lululemon also sees earnings rising faster than expected as executives found more room to cut costs.

Sure, growth investors will want to watch gross profit margin over the next few quarters for signs that the company is still earning a premium for its athleisure apparel and gear. But Lululemon has a bright future ahead as it pushes into new demographics, new markets, and new clothing niches.

3. Tractor Supply is setting records

Wall Street isn't nearly as interested in Tractor Supply stock now that the pandemic growth lift has faded. But the rural lifestyle retailer is still on an impressive expansion track.

Revenue jumped 21% in the Q4 period that ended in late December. Those gains came from a healthy balance between rising spending, increased customer traffic, and a growing store base. Look for these factors to all help the company as it targets $15 billion of annual sales in 2023 compared to $12.7 billion in 2021.

The best news is that you don't have to pay a big premium for this stock or the others on the list. Tractor Supply is trading for 1.8 times sales, down from a pandemic high of nearly 2.5. It's a similar story for both Chewy and Lululemon.

Yes, that valuation drop reflects the likelihood that these and other growth stocks face bigger risks in a slowing economy in 2023. But patient investors can see past these issues toward substantial long-term gains that could come from holding these stocks in your portfolio.