Petco Health and Wellness Company, Inc. Reports Strong Q3 Earnings
Petco Health and Wellness Company, Inc. (NASDAQ: WOOF) announced its earnings results for the third quarter of 2024, revealing a significant 1.2% year-over-year increase in net revenue amounting to $1.51 billion. The company’s performance has drawn positive attention as it exceeded analysts’ estimates by achieving an earnings per share (EPS) of $-0.02, beating the forecast of $-0.04 by 50%.
Highlights from the Earnings Report
- Revenue Growth: This represents a $17 million increase compared to the same period last year, further affirming Petco’s growing market presence.
- Petco reported a net loss of $16.7 million, which is significantly better compared to a staggering loss of $1.2 billion in the previous year due to a goodwill impairment charge.
- Adjusted EBITDA: The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to $81.2 million, surpassing last year’s $72.2 million.
Future Outlook
Looking ahead, Petco’s management has provided guidance for the upcoming fourth quarter of 2024, expecting earnings per share in the range of $0.00 to $0.02. CEO Joel Anderson stated, ‘Our third quarter results demonstrate the meaningful progress we’re making to strengthen our retail fundamentals to drive sustainable, profitable growth.’
Additional details regarding the earnings call and further analyses can be accessed through the company’s investor relations page.
This earnings report reflects not only Petco’s resilience in the competitive pet health and wellness industry but also its commitment to improving shareholder value.
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