Business
Petco Health + Wellness Company, Inc. Reports Record Year of Revenue and Profitability, Issues 2022 Guidance
- 18 percent net revenue growth with stronger Adjusted EBITDA¹ growth of 22 percent² for fiscal 2021 - Momentum in fourth quarter continued with comparable
About this update from Petco Health And Wellness Company, Inc.
[{"type":"text","content":"- 18 percent net revenue growth with stronger Adjusted EBITDA¹ growth of 22 percent² for fiscal 2021\n - Momentum in fourth quarter continued with comparable sales growth of 14 percent year over year and 30 percent on a two-year basis\n - Seventh consecutive quarter of double-digit comparable sales growth with thirteen consecutive quarters of comparable sales growth\n - Fourth quarter earnings per share of $0.11; Adjusted Earnings Per Share¹ of $0.28 up 65 percent³ from prior year\n - Fiscal 2022 guidance of 6-8 percent revenue growth with 7-9 percent Adjusted EBITDA¹ growth driven by operating leverage\n\n\nSAN DIEGO, March 8, 2022 /PRNewswire/ -- Petco Health and Wellness Company, Inc. (Nasdaq: WOOF), a complete partner in pet health and wellness, today released its financial results for fourth quarter and fiscal year 2021 ended January 29, 2022. \n\n \n \n \n \n \n \n\n \nIn the fourth quarter of 2021, Petco delivered net revenue of $1.5 billion, up 13 percent versus prior year. Net income improved by $35.2 million from prior year to $29.0 million or $0.11 per share. Adjusted Net Income1 for the fourth quarter increased $38.2 million to $75.1 million or $0.28 per share, up $0.11 or 65 percent3 from prior year, while Adjusted EBITDA1 increased by $23.6 million or 16 percent2 from prior year to $172.2 million.\nNet revenue for full year 2021 increased 18 percent or $886.9 million to $5.8 billion. Net income improved by $190.9 million from prior year to $164.4 million or $0.62 per share. Adjusted Net Income1 for the year increased $183.0 million from prior year to $241.1 million or $0.91 per share, while Adjusted EBITDA1 increased by $107.1 million or 22 percent2 from prior year to $591.5 million.\n\"Our results for the quarter and full year demonstrate that our focus on long-term, sustainable growth, powered by continued delivery against our strategic growth opportunities, is working,\" said Ron Coughlin, Chairman and CEO of Petco. \"We enter this fiscal year as a stronger company than ever. Our category remains strong and resilient; our competitive moats are deepening, and our world-class team is executing to deliver purpose driven performance. With an integrated omnichannel infrastructure, robust services offering including 197 veterinary hospitals, and millions of net new customers, we're well positioned to drive enhanced lo...