Business
Petco Health + Wellness Company, Inc. Reports Second Quarter Earnings
Q2 2023 Operating Results Comparable sales grew 3.2 percent year-over-year and 7.0 percent on a two-year basis, resulting in the 19th consecutive quarter of
About this update from Petco Health And Wellness Company, Inc.
[{"type":"text","content":"Q2 2023 Operating Results\nComparable sales grew 3.2 percent year-over-year and 7.0 percent on a two-year basis, resulting in the 19th consecutive quarter of comparable sales growthNet revenue of $1.53 billion increased 3.4 percent year-over-yearNet loss of $14.6 million, or $(0.05) per share compared to net income of $13.5 million, or $0.05 per share in the prior yearAdjusted Net Income1 decreased $27.2 million to $16.3 millionAdjusted EBITDA1 of $112.6 million compared to $133.5 million in the prior yearAdjusted Earnings Per Share1 of $0.06, compared to $0.16 per share in the prior yearOperating Cash Flow of $96.6 million compared to $42.6 million in the prior yearFree Cash Flow1 of $44.6 million, compared to $(27.7) million in the prior yearSAN DIEGO, Aug. 24, 2023 /PRNewswire/ -- Petco Health and Wellness Company, Inc. (Nasdaq: WOOF), a complete partner in pet health and wellness, today announced its second quarter 2023 financial results. \n\n \n \n \n \n \n \n\n \nIn the second quarter of 2023, Petco delivered net revenue of $1.53 billion, up 3.4 percent versus prior year, driven by strength in the company's consumables business, up 6.8 percent versus prior year, and services and other business, up 30.6 percent versus prior year. Second quarter revenue growth was partially offset by the company's supplies and companion animal business, down 9.4 percent versus prior year. Net loss was $14.6 million or $(0.05) per share, driven in part by a $0.04 per share increase in interest expense year-over-year, compared to net income of $13.5 million or $0.05 per share in the prior year. Adjusted Net Income1 was $16.3 million or $0.06 per share, compared to $43.5 million or $0.16 per share in the prior year. Adjusted EBITDA1 was $112.6 million compared to $133.5 million in the prior year.\n\"We continue to focus on execution through an uncertain environment, delivering our 19th consecutive quarter of comp sales growth, with ongoing strength in consumables and services, particularly in vet,\" said Petco CEO Ron Coughlin. \"With discretionary spending continuing to be pressured, we're taking numerous strategic actions to strengthen our business, including initiatives to unlock a targeted $150 million in cost savings and productivity enhancements by the end of fiscal 2025. These actions, combined with the enduring competitive advantages of...