Petco Stock Climbs After Q2 Results

Petco Health and Wellness Company, Inc. (NASDAQ:WOOF) reported second-quarter financial results after Tuesday's closing bell. Here's a look at the details from the report. 

The Details: Petco reported quarterly losses of nine cents per share, which missed the analyst consensus estimate of losses of two cents per share. Quarterly sales of $1.52 billion met the analyst consensus estimate and represented a 1.99% increase over the same period last year.

The company will host a conference call at 5 p.m. ET to discuss the results. 

Petco’s consumables business was up 1.5% versus the prior year, and services and other business was up 3.1% year-over-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% versus the prior year.

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“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 CEO.

“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,” Anderson added.

Outlook: Petco sees third-quarter losses of between three cents and four cents per share, versus the estimate of losses of three cents, and revenue of approximately $1.5 billion, versus the $1.51 billion estimate. The company expects net interest expenses of approximately $145 million and capital expenditures of approximately $140 million for fiscal year 2024.

WOOF Price Action: According to Benzinga Pro, Petco shares are up 2.62% after-hours at $3.15 after gaining 7.72% during Tuesday’s regular session.

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