Business
Petco Health + Wellness Company, Inc. Reports First Quarter Earnings and Reaffirms Full Year 2023 Guidance
Q1 2023 Highlights Comparable sales grew 5.1 percent year-over-year and 10.2 percent on a two-year basis, resulting in the 18th consecutive quarter of
About this update from Petco Health And Wellness Company, Inc.
[{"type":"text","content":"Q1 2023 Highlights\nComparable sales grew 5.1 percent year-over-year and 10.2 percent on a two-year basis, resulting in the 18th consecutive quarter of comparable sales growth Net revenue of $1.56 billion increased 5.4 percent year-over-yearNet loss of $1.9 million, or $(0.01) per diluted share compared to net income of $24.7 million, or $0.09 per diluted share in the prior year Adjusted EBITDA1 of $111.0 million compared to $119.2 million in the prior year, a decrease of 6.9 percent year-over-yearAdjusted Earnings Per Share1 of $0.06, compared to $0.14 per share in the prior year, a decrease of $0.08 year-over-yearThe Company reaffirms its full year 2023 guidanceSAN DIEGO, May 24, 2023 /PRNewswire/ -- Petco Health and Wellness Company, Inc. (Nasdaq: WOOF), a complete partner in pet health and wellness, today announced its first quarter 2023 financial results. \n\n \n \n \n \n \n \n\n \nIn the first quarter of 2023, Petco delivered net revenue of $1.56 billion, up 5.4 percent versus prior year, driven by strength in the company's consumables business, up 11.2 percent versus prior year, and services and other business, up 25.4 percent versus prior year. First quarter revenue growth was partially offset by the company's supplies and companion animal business, down 7.6 percent versus prior year. Net loss was $1.9 million or $(0.01) per share, driven primarily by a $0.05 per share increase in interest expense year-over-year, compared to net income of $24.7 million or $0.09 per share in the prior year. Adjusted Net Income1 was $14.9 million or $0.06 per share, compared to $36.3 million or $0.14 per share in the prior year. Adjusted EBITDA1 was $111.0 million compared to $119.2 million in the prior year.\nIn the first quarter of 2023, Petco paid down $35 million in principal on its term loan. In May 2023, Petco paid down another $25 million in principal on its term loan for a total of $60 million in principal payments year-to-date. The company continues to target a total of $100 million in principal payments for 2023 and remains committed to strengthening its balance sheet through de-levering long-term.\n\"We continue to execute on our strategy amidst the current environment, delivering our 18th consecutive quarter of comp sales growth in the first quarter, driven by the ongoing strength in consumables and record performance in our se...