Petco earnings beat expectations, expects continued strength in the pet care category

Petco Health & Wellness Co.

shares rose 5.6% in Thursday premarket trading after the pet care company reported fourth-quarter earnings that beat expectations. Net losses totaled $6.2 million, or 3 cents per share, after a loss of $7.2 million, or 3 cents per share, for the same period last year. Adjusted EPS of 17 cents was up 103% from last year and ahead of the FactSet consensus for 13 cents. Sales totaled $1.338 billion, up from $1.149 billion last year and ahead of the FactSet consensus for $1.309 billion. Petco went public in January. “Our category continues to grow powered by the millions of incremental new pets in households, which is creating an annuity for years to come,” said Ron Coughlin, chief executive of Petco, in a statement. Petco reduced its total debt by 49% to $1.7 billion using the proceeds from the IPO. For fiscal 2021, Petco is guiding for revenue of $5.25 billion to $5.35 billion and adjusted EPS of 63 cents to 66 cents. The FactSet consensus is for revenue of $5.237 billion and EPS of 60 cents. Petco stock has slipped 0.3% over the past month, but has jumped 17.6% for the month to date. The benchmark S&P 500 index

is up 1.5% over the last month

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