Business
Petco Health + Wellness Company, Inc. announces record revenue and earnings with 20 percent comp growth and 30 percent on a two-year basis
- Recurring revenue offerings, rapidly expanding vet business and digital growth drive eleventh consecutive quarter of comparable sales growth - Revenue
About this update from Petco Health And Wellness Company, Inc.
[{"type":"text","content":"- Recurring revenue offerings, rapidly expanding vet business and digital growth drive eleventh consecutive quarter of comparable sales growth\n - Revenue growth of 19 percent year over year and 31 percent on a two-year basis\n - Earnings per share of $0.28; Adjusted Earnings Per Share1 of $0.25\n - Raised full year 2021 guidance on top and bottom line\n\n\nSAN DIEGO, Aug. 19, 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 second quarter ended July 31, 2021. \n\n \n \n \n \n \n \n\n \nIn the second quarter of 2021, Petco delivered net revenue of $1.4 billion, up 19 percent versus prior year. Net income improved by $67.7 million from prior year to $75.1 million or $0.28 per share. Trailing twelve month net income improved by $139.0 million from prior year to $79.9 million. Adjusted Net Income1 increased $44.4 million from prior year to $67.5 million or $0.25 per share, while second quarter Adjusted EBITDA1 increased by 19 percent from prior year to $155.1 million. \n\"With purpose driven performance at the heart of all we do, our second quarter results reflect the strength of our differentiated model and continued focus on driving customer acquisition, increasing spend, fueling comp growth of 20 percent year-over-year and 30 percent on a two-year stack,\" said Ron Coughlin, Chairman and Chief Executive Officer of Petco. \"We exited Q2 with strong momentum while lapping robust double-digit comp growth. Looking ahead, we're operating from a position of strength as we move into the second half, which gave us the confidence to raise our guidance. We believe we have significant runway for continued growth as we execute against our proven transformation strategy in multi-year growth areas across services, veterinary care, digital, and owned and premium brands.\"\nAdditionally, in the first half of 2021 total debt remained roughly flat at $1.7 billion with Net Debt1 improving $73.4 million to $1.5 billion driven by net cash flow from operations of $202.4 million and Free Cash Flow1 of $102.5 million, up 119 percent and 142 percent, respectively, from the first half of 2020. Also in the first half of 2021, Net Debt1 / Trailing Twelve Month Adjusted EBITDA1 decreased 16 percent or 0.5x to 2.7x driven by Free Cash Flow1...