Business
Petco Health + Wellness Company, Inc. announces record revenue and earnings with 15 percent comp growth and a 32 percent two-year comp
- Rapidly expanding vet business, digital growth, recurring revenue programs and strong consumables sales drove six consecutive quarters of double-digit
About this update from Petco Health And Wellness Company, Inc.
[{"type":"text","content":"- Rapidly expanding vet business, digital growth, recurring revenue programs and strong consumables sales drove six consecutive quarters of double-digit comparable sales growth with twelve consecutive quarters of comparable sales growth\n - Net revenue of $1.4 billion grew 15 percent year over year with strong profit flow through\n - Earnings per share of $0.20; Adjusted Earnings Per Share1 of $0.20\n - Raised full year 2021 guidance on top- and bottom-line\n\n\nSAN DIEGO, Nov. 18, 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 third quarter ended October 30, 2021.\n\n \n \n \n \n \n \n\n \nIn the third quarter of 2021, Petco delivered net revenue of $1.4 billion, up 15 percent versus prior year. Net income improved by $49.3 million from prior year to $52.8 million or $0.20 per share. Trailing twelve-month net income improved by $156.8 million from prior year to $129.3 million. Adjusted Net Income1 for the third quarter increased $40.4 million from prior year to $54.0 million or $0.20 per share, while Adjusted EBITDA1 increased by 17 percent from prior year to $138.5 million.\n\"Q3 marked our sixth consecutive quarter of double-digit growth with a 15 percent Q3 comp, lapping 17 percent a year ago, giving us confidence to raise guidance for Full Year 2021,\" said Ron Coughlin, Chairman and CEO of Petco. \"Our focus on long-term, sustainable growth is powered by continued execution against our transformation, with one of the fastest veterinary expansions in history, further enhancement of our digital competitive advantages, expansion of our merchandise differentiation through powerful owned and exclusive brands, and our incredible Petco Partners who are improving more and more pet lives every single day in a challenging environment.\"\nAdditionally, through the first thirty-nine weeks of 2021, total debt remained roughly flat at $1.7 billion with Net Debt1 improving $94.8 million to $1.5 billion driven by net cash flow from operations of $288.4 million and Free Cash Flow1 of $124.1 million, up 43 percent and 18 percent, respectively, from the first thirty-nine weeks of 2020. Also, in the first thirty-nine weeks of 2021, Net Debt1 / Trailing Twelve Month Adjusted EBITDA1 decreased 19 percent or 0.6x to 2.6x driv...