Patterson Companies, Inc. (NASDAQ:PDCO) began Wednesday in the plus column, having presented fourth-quarter financial results.
Consolidated net sales were approximately $1.29 billion in the fiscal fourth quarter ended April 25, a decrease of 10.5% compared to the same period last year. Internal sales, which are adjusted for the effects of currency translation and changes in product selling relationships, decreased 10%.
Internal sales for the first two months of the fiscal fourth quarter, ended on March 21, around when COVID-19 began to impact performance, increased 5.1% compared to the same period last year.
Reported net loss attributable to Patterson Companies, Inc. for the fourth quarter of fiscal 2020 totaled $608.6 million, or $6.44 per diluted share, compared to net income attributable to Patterson Companies, Inc. of $28.0 million, or $0.30 per diluted share, in the fourth quarter of fiscal 2019.
The year-over-year decrease in the period is primarily due to a pre-tax $675.1-million goodwill impairment charge related to our Animal Health segment.
Said CEO Mark Walchirk, "The strategies we executed during fiscal 2020 produced accelerating performance through the first 11 months, enabling us to exceed our goals for the year despite the impact of COVID-19, resulting in full fiscal 2020 adjusted earnings growth of 10.7%.
"Our strong business momentum from the first three quarters of fiscal 2020 continued to build during the first two months of our fiscal fourth quarter, helping to deliver fourth quarter adjusted earnings growth of 16.2% compared to the same period last year."
PDCO shares took on 33 cents, or 1.6%, to $20.61.
Related Stories
