Business
Petco Health + Wellness Company, Inc. Reports First Quarter Earnings
Momentum continued into first quarter with comparable sales growth of 5.1 percent year over year and 33.5 percent on a two-year basis, on top of record
About this update from Petco Health And Wellness Company, Inc.
[{"type":"text","content":"Momentum continued into first quarter with comparable sales growth of 5.1 percent year over year and 33.5 percent on a two-year basis, on top of record comparable sales a year ago Delivered fourteenth consecutive quarter of comparable sales growth Revenue growth of 4.3 percent, net income growth of 227 percent and strong Adjusted EBITDA1 growth of 5.4 percent Earnings per share of $0.09, up $0.06 or 226 percent from prior year; Adjusted Earnings Per Share1 of $0.17 consistent with prior yearMaintained full year guidance, with revenue of $6.15 billion to $6.25 billion; Adjusted EBITDA1 between $630 million and $645 million, and Adjusted Earnings Per Share1 between $0.97 and $1.00SAN DIEGO, May 24, 2022 /PRNewswire/ -- Petco Health and Wellness Company, Inc. (Nasdaq: WOOF), a complete partner in pet health and wellness, today announced its first quarter 2022 financial results, which reflected increases in both comparable sales and profitability, on top of record comparable sales a year ago.\n\n \n \n \n \n \n \n\n \nIn the first quarter of 2022, Petco delivered net revenue of $1.48 billion, up 4.3 percent versus prior year. Net income improved by $17.1 million from prior year to $24.7 million or $0.09 per share. Adjusted Net Income1 increased $1.7 million to $46.1 million or $0.17 per share, consistent with prior year.\n\"Petco's strong Q1 results were driven by our incredible team's 'no excuses' execution approach, a pet category that continues to surge, and the power of our one-of-a-kind end to end offering that now includes over 200 fully owned veterinary hospitals,\" said Ron Coughlin, CEO of Petco. \"This is our 14th consecutive growth quarter and we are confident that continued category momentum – combined with our differentiated services, merchandise and advantaged Retail 3.0 omnichannel capabilities – positions us to continue delivering growth.\"\nFiscal Q1 2022 Operating Results:\nComparisons are first quarter of 2022 ended April 30, 2022 versus first quarter of 2021 ended May 1, 2021 unless otherwise noted\nFirst quarter results demonstrated continued operational excellence, while simultaneously delivering on the promise of purpose driven performance.\nNet revenue increased 4.3 percent to $1.48 billion driven by comparable sales growth of 5.1 percentNet income increased $17.1 million to $24.7 million or $0.09 per shareAd...