Business
Petco Health + Wellness Company, Inc. Reports Second Quarter 2024 Earnings Results
Q2 2024 Overview Net revenue of $1.52 billion decreased 0.5 percent year over year Comparable sales increased 0.3 percent year over year and increased 3.5
About this update from Petco Health And Wellness Company, Inc.
[{"type":"text","content":"Q2 2024 Overview\nNet revenue of $1.52 billion decreased 0.5 percent year over year Comparable sales increased 0.3 percent year over year and increased 3.5 percent on a two-year basis GAAP net loss of $24.8 million, or $(0.09) per share, compared to GAAP net loss of $14.6 million, or $(0.05) per share in the prior yearAdjusted EBITDA1 of $83.5 million compared to $112.6 million in the prior yearOperating Cash Flow of $69.4 million compared to $96.6 million in the prior yearFree Cash Flow 1 of $42.0 million compared to $44.6 million in the prior yearSAN DIEGO, Sept. 10, 2024 /PRNewswire/ -- Petco Health and Wellness Company, Inc. (Nasdaq: WOOF), a complete partner in pet health and wellness, today announced its second quarter 2024 financial results.\n\n \n \n \n \n \n \n\n \nIn the second quarter of 2024, Petco delivered net revenue of $1.52 billion, down 0.5 percent versus prior year. On an as-reported basis, the company's consumables business was up 1.5 percent versus prior year, and services and other business was up 3.1 percent versus prior year. Growth in the company's consumables and services and other business was offset by the company's supplies and companion animal business, down 4.7 percent versus prior year. GAAP net loss in the second quarter of 2024 was $24.8 million or $(0.09) per share, compared to GAAP net loss of $14.6 million or $(0.05) per share in the prior year. Adjusted Net Income1 was $(5.9) million or $(0.02) per share, compared to $16.3 million or $0.06 per share in the prior year. Adjusted EBITDA1 was $83.5 million compared to $112.6 million in the prior year.\n\"Our second quarter results demonstrate the ongoing work of our teams to strengthen our retail fundamentals and accelerate the path to improved profitability,\" said Joel Anderson, Petco's Chief Executive Officer. \"I could not be more excited to lead Petco at this pivotal time. Looking ahead, I see tremendous opportunities for us to significantly improve our operating and financial performance and better leverage Petco's strengths to capture greater share, deliver sustained profitability, and create value for shareholders.\"\n(1)\nAdjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share (\"Adjusted EPS\"), and Free Cash Flow are non-GAAP financial measures. See \"Non-GAAP Financial Measures\" for additional information on non-GAAP finan...