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San Diego
Tuesday, May 28, 2024
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Petco Posts $6.04B in Revenue for 2022

RETAIL: Record Q4 Sales Highlight Latest Report

San Diego-based Petco Health and Wellness Company, Inc. (NASDAQ: WOOF) announced its fourth quarter and full year 2022 financial results on March 22.

In the fourth quarter of 2022, Petco delivered net revenue of $1.58 billion, up 4.2 percent versus prior year, driven by strength in the company’s consumables business, up 12.1 percent versus prior year, and services and other business, up 17 percent versus prior year.

Net Q4 income came in at $32.7 million or $0.12 per share, compared to $29.0 million or $0.11 per share in the prior year.

Ron Coughlin
CEO
Petco Health and Wellness Co.

“Record fourth quarter sales, with cash flow exceeding expectations, rounded out a solid fiscal year, once again demonstrating the enduring strength of the pet category and Petco’s ability to grow through economic cycles,” said Petco CEO Ron Coughlin.

For the full year 2022, Petco delivered net revenue of $6.04 billion, up 3.9 percent versus prior year.  Revenue growth was driven by strength in the company’s consumables business, up 12.9 percent versus the prior year, and services and other business, up 20.2 percent versus the prior year.

Those positive numbers were partially offset by results from Petco’s supplies and companion animal business, which was down 8.9 percent versus 2021.

Net income was $90.8 million or $0.34 per share, compared to $164.4 million or $0.62 per share in the prior year.

In March 2023, Petco paid down $35 million on its term loan, $31 million more than the required quarterly payment and is targeting $100 million total in principal payments for 2023.

“I’m grateful for our incredible partners and their ongoing commitment to Petco’s mission of improving the lives of pets, pet parents, and the partners who work at Petco,” Coughlin said. “As we look ahead, the pet category remains resilient and growing, and we’ll continue to execute day-in and day-out while we progress our differentiated long-term growth strategy.”

On Wall Street, investors reacted negatively to the report, sending WOOF shares down 17.5% to close at $8.39 – a 52-week low.

Founded in 1965, Petco labels itself as a “category-defining health and wellness company focused on improving the lives of pets, pet parents and our own Petco partners.”

Petco

FOUNDED: 1965
CEO: Ron Coughlin
HEADQUARTERS: San Diego
EMPLOYEES: 27,000+
REVENUE: $6.4 billion (2022)
STOCK: WOOF (NASDAQ)
WEBSITE: Petco.com
NOTABLE: In addition to pet food and other supplies, the company offers full-service cat and dog grooming, veterinary services, Vetco vaccination clinics, adoption services and in-store and online dog and puppy training classes.

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