Business
Petco Health + Wellness Company, Inc. Reports Fourth Quarter and Full Year 2022 Earnings, Issues 2023 Outlook
Q4 2022 Highlights Comparable sales grew 5.3 percent year over year and 18.8 percent on a two-year basis, resulting in the seventeenth consecutive quarter of
About this update from Petco Health And Wellness Company, Inc.
[{"type":"text","content":"Q4 2022 Highlights\nComparable sales grew 5.3 percent year over year and 18.8 percent on a two-year basis, resulting in the seventeenth consecutive quarter of comparable sales growth Net revenue of $1.58 billion increased 4.2 percent year over yearDelivered net income of $32.7 million, an increase of 12.9 percent year over year, and Adjusted EBITDA1 of $170.3 million, a decrease of 1.1 percent year over yearEarnings per share of $0.12, an increase of $0.01 from prior year; Adjusted Earnings Per Share1 of $0.23, a decline of $0.05 from prior yearGenerated $136.5 million of operating cash flow, an increase of 95.7 percent year over yearDelivered $70.6 million of Free Cash Flow1, an increase of $75.6 million year over yearFull Year 2022 Highlights\nComparable sales grew 4.5 percent year over year and 23.5 percent on a two-year basis Net revenue of $6.04 billion increased 3.9 percent year over yearDelivered net income of $90.8 million, a decrease of 44.8 percent year over year, and Adjusted EBITDA1 of $582.3 million, a decrease of 1.5 percent year over yearEarnings per share of $0.34, a decline of $0.28 year over year; Adjusted Earnings Per Share1 of $0.75, a decline of $0.16 year over yearGenerated $346.0 million of operating cash flow, a decrease of 3.4 percent year over yearDelivered $68.0 million of Free Cash Flow1, a decrease of $51.1 million year over yearSAN DIEGO, March 22, 2023 /PRNewswire/ -- Petco Health and Wellness Company, Inc. (Nasdaq: WOOF), a complete partner in pet health and wellness, today announced its fourth quarter and full year 2022 financial results. \n\n \n \n \n \n \n \n\n \nIn the fourth quarter of 2022, Petco delivered net revenue of $1.58 billion, up 4.2 percent versus prior year, driven by strength in the company's consumables business, up 12.1 percent versus prior year, and services and other business, up 17.0 percent versus prior year, which was partially offset by its supplies and companion animal business, down 7.8 percent versus prior year. Net income was $32.7 million or $0.12 per share, compared to $29.0 million or $0.11 per share in the prior year. Adjusted Net Income1 was $62.0 million or $0.23 per share, compared to $75.1 million or $0.28 per share in the prior year. Adjusted EBITDA1 was $170.3 million compared to $172.2 million in the prior year.\nFor the full year 2022, Petco delivered net ...