Petco Health And Wellness Company Inc ( (WOOF) ) has released its Q3 earnings. Here is a breakdown of the information Petco Health And Wellness Company Inc presented to its investors.
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Petco Health and Wellness Company, Inc., a leader in the pet care industry, focuses on providing comprehensive health and wellness solutions for pets, including products, services, and veterinary care across its numerous locations in the U.S., Mexico, and Puerto Rico.
In its third quarter 2024 earnings report, Petco Health and Wellness Company, Inc. reported a slight revenue increase to $1.51 billion, marking a 1.2% rise from the previous year. Despite this growth, the company experienced a net loss of $16.7 million, reflecting an improvement from a $1.2 billion loss in the previous year due to a significant goodwill impairment charge.
Key financial highlights include a 4.7% rise in gross profit to $575.8 million and an improved adjusted EBITDA of $81.2 million, up from $72.2 million in the prior year. The company’s consumables and services sectors showed notable growth, counterbalancing a decline in the supplies and companion animal segment. These results underscore Petco’s efforts in strengthening retail fundamentals and driving profitable growth, as emphasized by CEO Joel Anderson.
Looking ahead, Petco projects a positive outlook for the fiscal fourth quarter of 2024, with an expected revenue of around $1.55 billion and adjusted EBITDA ranging between $90 million and $95 million. The company remains focused on enhancing profitability and cash flow, positioning itself for a robust end to the year as it continues its strategic transformation efforts.
