Petco Up After Earnings, Revenue Beat Analyst Expectations

By Sam Boughedda — Petco (NASDAQ:), the pet health and wellness company, announced its Tuesday before the bell, topping analyst expectations.

Shares of the company rose more than 7% following the report.

Petco announced earnings per share of $0.28 on revenue of $1.51 billion. Analysts polled by anticipated EPS of $0.24 on revenue of $1.48 billion.

The company recorded fourth-quarter comparable sales growth of 14% year over year.

Net revenue for the full year increased 18%, or $886.9 million to $5.8 billion. As a result, adjusted earnings per share for the year increased to $0.91 per share.

“Our results for the quarter and full-year demonstrate that our focus on long-term, sustainable growth, powered by continued delivery against our strategic growth opportunities, is working,” said Ron Coughlin, Chairman and CEO of Petco.

He added: “We enter this fiscal year as a stronger company than ever. Our category remains strong and resilient; our competitive moats are deepening, and our world-class team is executing to deliver purpose driven performance. With an integrated omnichannel infrastructure, robust services offering including 197 veterinary hospitals, and millions of net new customers, we’re well positioned to drive enhanced long-term shareholder value.”

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The company sees 2022 revenue between $6.15 and $6.25 billion, above consensus expectations. Adjusted earnings per share for the year is forecast between $0.97 to $1.

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