Petco Health & Wellness Company, Inc. Stock Price, News & Analysis

Petco Health and Wellness Company (NASDAQ: WOOF) will announce its first quarter 2023 earnings results on May 24, 2023, at 7:00 a.m. Eastern. A conference call to discuss these results will be held shortly after at 8:00 a.m. Eastern. Investors can access the earnings release, presentation, and infographic through the company’s Investor Relations page. A replay of the conference call will be available for approximately two weeks following the event. Petco, founded in 1965, operates over 1,500 pet care centers across the U.S., Mexico, and Puerto Rico, providing a wide range of pet wellness products and services.

Petco (Nasdaq: WOOF) has launched its Clean Grooming initiative, becoming the first national omnichannel pet retailer to offer these services and products. Available at over 1,350 locations and online, customers can easily identify grooming options without parabens, phthalates, and chemical dyes. Grooming services, including baths and specialized packages, will carry the Clean Ingredients badge, ensuring product transparency. Petco is celebrating with discounts of up to 40% on Clean Grooming supplies through April 29, 2023. This initiative aligns with Petco's commitment to pet health and wellness, offering high-quality grooming solutions for pet parents.

Freshpet and Petco have partnered to introduce an industry-first customized fresh pet food subscription, Freshpet Custom Meals, available exclusively on Petco's website. This service allows pet parents to receive tailored meal plans for their dogs, crafted by veterinary nutritionists, delivered directly to their homes. The fresh pet food sector is set to grow significantly, with projections suggesting it could reach $6 billion in four years. The offering, which has launched in 15 states including California and Texas, starts at $3 per day and is designed to meet the rising demand for convenient, healthy pet nutrition.

Petco Health and Wellness Company (Nasdaq: WOOF) reported its Q4 2022 results with a net revenue of $1.58 billion, up 4.2% year-over-year. Comparable sales rose 5.3%, marking the 17th consecutive quarter of growth. Despite these gains, net income increased to $32.7 million but adjusted net income fell to $62.0 million, a decline of 17.3% from the prior year. Full year 2022 net revenue reached $6.04 billion, up 3.9%, but net income dropped 44.8% to $90.8 million. Looking forward, Petco anticipates a range of $6.15 billion to $6.275 billion in net revenue for 2023.