Business
Petco Health + Wellness Company, Inc. Reports Fourth Quarter and Full Year 2023 Earnings
Q4 2023 Highlights Net revenue of $1.7 billion increased 6.1 percent year over year including the 14th week Comparable sales declined 0.9 percent year over
About this update from Petco Health And Wellness Company, Inc.
[{"type":"text","content":"Q4 2023 Highlights\nNet revenue of $1.7 billion increased 6.1 percent year over year including the 14th week Comparable sales declined 0.9 percent year over year and increased 4.4 percent on a two-year basis GAAP net loss of $22.6 million, or $(0.08) per share, compared to GAAP net income of $32.7 million, or $0.12 per share in the prior yearAdjusted Net Income1 of $6.1 million, or $0.02 per share, compared to $52.8 million, or $0.20 per share in the prior yearAdjusted EBITDA1 of $105.3 million compared to $157.9 million in the prior yearOperating Cash Flow of $47.0 million compared to $136.5 million in the prior yearFree Cash Flow1 of $(2.0) million compared to $70.6 million in the prior yearFull Year 2023 Highlights\nNet revenue of $6.3 billion increased 3.6 percent year over year including the 53rd weekComparable sales increased 1.8 percent year over year and increased 6.3 percent on a two-year basis GAAP net loss of $1.3 billion, or $(4.78) per share, which includes goodwill impairment of $1.2B, compared to GAAP net income of $90.8 million, or $0.34 per share in the prior yearAdjusted Net Income1 of $22.8 million, or $0.09 per share, compared to $162.6 million, or $0.61 per share in the prior year Adjusted EBITDA1 of $401.1 million compared to $530.8 million in the prior yearOperating Cash Flow of $215.7 million compared to $346.0 million in the prior yearFree Cash Flow1 of $(9.9) million compared to $68.0 million in the prior yearSAN DIEGO, March 13, 2024 /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 2023 financial results. \n\n \n \n \n \n \n \n\n \nIn the fourth quarter of 2023, Petco delivered net revenue of $1.7 billion, up 6.1 percent versus prior year, inclusive of a 14th week. On an as-reported basis, the company's consumables business was up 8.8 percent versus prior year, and services and other business was up 17.4 percent versus prior year. Growth in the company's consumables and services and other business was partially offset by the company's supplies and companion animal business, down 1.4 percent versus prior year. GAAP net loss in the fourth quarter of 2023 was $22.6 million or $(0.08) per share, compared to GAAP net income of $32.7 million or $0.12 per share in the prior year. Adjusted Net...