Q2 2024 Financial Overview
Petco Health and Wellness Company, Inc. reported a net revenue of $1.52 billion for the second quarter of 2024, marking a slight decrease of 0.5% compared to the previous year. Despite this, comparable sales saw a modest increase of 0.3% year-over-year and a 3.5% increase over two years. The company’s consumables business grew by 1.5%, while services and other business increased by 3.1%. However, these gains were offset by a 4.7% decline in the supplies and companion animal business.
Financial Results and Adjustments
Petco reported a GAAP net loss of $24.8 million, or $(0.09) per share, compared to a net loss of $14.6 million, or $(0.05) per share, in the previous year. Adjusted EBITDA was $83.5 million, down from $112.6 million the prior year. Operating cash flow was $69.4 million, compared to $96.6 million last year, while free cash flow was $42.0 million, slightly down from $44.6 million.
CEO’s Perspective
Joel Anderson, Petco’s CEO, expressed optimism about the company’s future, highlighting efforts to strengthen retail fundamentals and improve profitability. He emphasized the potential to leverage Petco’s strengths to capture market share, deliver sustained profitability, and create shareholder value.
Q3 2024 Outlook
Looking ahead, Petco provided guidance for the third quarter of 2024, expecting net revenue of approximately $1.5 billion, adjusted EBITDA between $76 million and $80 million, and adjusted EPS ranging from $(0.03) to $(0.04). The company reaffirmed its full-year expectations for interest expenses and capital expenditures.
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