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Petco Health and Wellness Company ( (WOOF) ) just unveiled an update.
Petco Health and Wellness Company, Inc. reported a slight decline in its second quarter 2024 net revenue, with a 0.5% decrease year over year, totaling $1.52 billion. Despite this, comparable sales saw a 0.3% increase. The company experienced a GAAP net loss of $24.8 million, which deepened from the previous year’s $14.6 million loss. Adjusted EBITDA also fell to $83.5 million from $112.6 million. Looking forward, Petco’s CEO, Joel Anderson, remains optimistic about improving the company’s profitability and market share. The Q3 2024 guidance anticipates revenues of around $1.5 billion and an adjusted EBITDA between $76 million to $80 million.
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