Business
Petco Health + Wellness Company, Inc. Announces Record Results for First Quarter of Fiscal 2021; Raises Full Year Outlook
- Revenue of $1.4B, up 27%, driven by comp sales up 28%; Tenth consecutive quarter of growth - Earnings per share of $0.03; Adjusted earnings per share of
About this update from Petco Health And Wellness Company, Inc.
[{"type":"text","content":"- Revenue of $1.4B, up 27%, driven by comp sales up 28%; Tenth consecutive quarter of growth\n - Earnings per share of $0.03; Adjusted earnings per share of $0.17\n - Acquired roughly 1.2M net new customers; Third consecutive quarter 1M or more\n - Raised full year 2021 guidance following record first quarter\n\n\nSAN DIEGO, May 20, 2021 /PRNewswire/ -- Petco Health and Wellness Company, Inc. (NASDAQ: WOOF), a complete partner in pet health and wellness, today released its financial results for its first quarter ended May 1, 2021. \n\n \n \n \n \n \n \n\n \nIn the first quarter of 2021, Petco delivered net revenue growth of 27 percent versus prior year with comparable sales growth of 28 percent and delivered 30 percent comparable sales growth on a two-year stack, marking the tenth consecutive quarter of growth for Petco. Net income improved $38.7 million or $0.18 per share to $7.6 million or $0.03 per share. Adjusted Net Income1 increased $60.0 million from prior year to $44.4 million or $0.17 per share, while first quarter Adjusted EBITDA1 increased 45 percent to $125.7 million from prior year. \n\"We entered 2021 with momentum, and delivered record quarterly sales in Q1 driven by our strong execution and unique model across digital and in our Pet Care Centers,\" said Ron Coughlin, Chairman and Chief Executive Officer of Petco. \"We're attracting new customers and gaining market share in a growing category through our unique end to end health and wellness ecosystem. There are more pets in homes than ever and the 1.2 million net new customers we gained in the quarter is a multi-year high, that provides an annuity for years to come. The category acceleration combined with a strengthening of our customer base give us confidence to raise our full year guidance.\"\nPetco reduced total debt by 52 percent to $1.7 billion and Net Debt1 by 53 percent to $1.5 billion using the proceeds from the company's initial public offering, the recapitalization of a portion of debt outstanding at the time of the initial public offering and Free Cash Flow1 generation. \nFiscal Q1 2021 Highlights:Comparisons are first quarter of 2021 ended May 1, 2021 versus first quarter of 2020 ended May 2, 2020 unless otherwise noted\nNet revenue increased 27 percent to $1.4 billion driven by comp sales growth of 28 percent Net income increased $38.7 million to $7....