When it comes to pet care, we’re seeing substantial growth – great news for companies like Better Choice Company (OTC:BTTR), Freshpet Inc. (NASDAQ:FRPT), Chewy Inc. (NYSE:CHWY), PetIQ Inc. (NASDAQ:PETQ), and PetMed Express Inc. (NASDAQ:PETS).
For one, “Annual pet spending per household could reach $1,292 by 2025 and $1,909 by 2040 based on pet spending and pet ownership trends, according to the firm. This would result in a total industry spending increase of 134% over the next 10 years. Specifically, Morgan Stanley expects pet product spending to increase 115% from $70 billion in 2019 to $151 billion in 2030,” as reported by Pet Food Processing.
Two, pet companies are reporting solid growth. Look at Petco Health & Wellness (WOOF) for example. According to MarketWatch, the company’s net loss came in at $6.2 million, or three cents a share, as compared to a year earlier loss of $7.2 million, or three cents. Adjusted EPS of 17 cents was up 103% year over year, and was ahead of 13-cent expectations. "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, CEO.
Better Choice Company (OTC:BTTR) Releases Earnings on March 31, 2021
Better Choice Company Inc. is a growing animal health and wellness company committed to leading the industry shift toward pet products and services that help dogs and cats live healthier, happier and longer lives. In addition, the company just announced it will host a conference call and webcast on Wednesday, March 31, 2021 at 8:30 a.m. ET to answer questions about the Company's operational and financial highlights for the fourth quarter and full year of 2020 and recent developments. Additional details are available on the company’s website: https://betterchoicecompany.com/.
- Event: Better Choice Fourth Quarter and Full Year 2020 Earnings Call
- Date: Wednesday, March 31, 2021
- Time: 8:30 a.m. Eastern Time
- Live Call: +1-877-407-4018 (U.S. Toll-Free) or +1-201-689-8471 (International)
- Webcast: http://public.viavid.com/index.php?id=144016
For interested individuals unable to join the conference call, a dial-in replay of the call will be available until April 14, 2021 and can be accessed by dialing +1-844-512-2921 (U.S. Toll Free) or +1-412-317-6671 (International) and entering replay pin number: 13717860.
Other related developments from around the markets include:
Freshpet Inc. (NASDAQ:FRPT) reported financial results for its fourth quarter and full year ended December 31, 2020. “Thanks to the efforts of our dedicated team members, Freshpet has continued to weather the CV-19 storm and produced our fourth consecutive year of accelerating growth in 2020. Clearly, our 'Feed the Growth' strategy is working and is proving that the upside potential for Freshpet continues to grow," commented Billy Cyr, Freshpet's Chief Executive Officer. "If we simply continued the rate with which pet parents have joined the Freshpet franchise over the past two years, we would greatly exceed our 2025 goal of having 8 million households feeding Freshpet to their pets. So, we are raising our 2025 household penetration target by 37% to 11 million households and in pursuit of that goal we will get the opportunity to satisfy millions more pets and pet parents. That will also enable us to raise our 2025 net sales target to $1.25 billion. To meet that higher demand, we are accelerating and increasing our capacity expansion plan. We appreciate the support of our stakeholders who are enabling this rapid growth."
Chewy Inc. (NYSE:CHWY) a trusted online destination for pet parents and partners everywhere, announced it will report fiscal fourth quarter and full year 2020 financial results after the market close on Tuesday, March 30, 2021. Management will host a conference call and webcast to discuss the Company's financial results at 5:00 pm ET.
PetIQ Inc. (NASDAQ:PETQ), a leading pet medication and wellness company, reported financial results for the three and twelve months ended December 31, 2020. “We’re pleased with our strong finish to 2020. Our financial results were better than we expected for the fourth quarter, driven by robust growth in our Products segment, solid consolidated gross margin expansion and an improvement in our Services segment from the third quarter of 2020, even as we continued to experience clinic and wellness center temporary closures due to absenteeism from illnesses,” commented Cord Christensen, PetIQ’s Chairman & Chief Executive Officer. “The financial strength that our Products segment provides to our broader business is an important component of the resilient nature of PetIQ. We believe the three strategic acquisitions we have completed in the last three years have been highly complementary and position us well to further extend our ability to connect with more pet parents and their pets. Looking ahead, we’ve had a strong start to 2021 and expect our diversified business model will enable us to emerge from this period of disruption in an even stronger position with broader capabilities to bring convenient and affordable pet health and wellness products and services to pet parents in the formats that best fit their lives.”
PetMed Express Inc. (NASDAQ:PETS) announced its financial results for the quarter ended December 31, 2020. Net sales for the quarter ended December 31, 2020 were $65.9 million, compared to $59.9 million for the quarter ended December 31, 2019, an increase of 10.0%. Net sales for the nine months ended December 31, 2020 were $237.5 million, compared to $209.8 million for the nine months ended December 31, 2019, an increase of 13.2%. Net income was $7.6 million, or $0.38 diluted per share, for the quarter ended December 31, 2020, compared to net income of $6.8 million, or $0.34 diluted per share, for the quarter ended December 31, 2019, an 11.3% increase to net income. Net income was $23.8 million, or $1.18 diluted per share, for the nine months ended December 31, 2020, compared to net income of $18.8 million, or $0.94 diluted per share, for the nine months ended December 31, 2019, a 26.0% increase to net income. Reorder sales increased 11.9%, to $60.2 million for the quarter ended December 31, 2020, compared to $53.8 million for the same quarter in the prior year. Reorder sales increased 13.6%, to $208.4 million for the nine months ended December 31, 2020, compared to $183.4 million for the same period in the prior year.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Better Choice Company has paid three thousand five hundred dollars for advertising and marketing services to be distributed by Winning Media. Winning Media is only compensated for its services in the form of cash-based compensation. Winning Media owns ZERO shares of Better Choice Company. Please click here for full disclaimer.
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