Petco Health and Wellness Company, Inc. (NASDAQ: WOOF), a complete partner in pet health and wellness, today announced its second-quarter 2022 financial results.
In the second quarter of 2022, Petco delivered net revenue of $1.48 billion, up 3.2% versus prior year. Net income was $13.5 million or $0.05 per share compared to $75.1 million or $0.28 per share in the prior year. Adjusted Net Income was $49.7 million or $0.19 per share, compared to $67.5 million or $0.25 per share in the prior year.
"Q2 marks our 15th consecutive growth quarter, demonstrating that Petco's business and customers continue to grow, driven by the strength of our unique end-to-end health and wellness pet ecosystem," said Petco CEO Ron Coughlin.
Petco has updated its full-year 2022 financial guidance.
Petco now expects net revenue of $5.975 billion to $6.05 billion, with Adjusted EBITDA of $580.0 million to $595.0 million. It expects between $250 million and $275 million of capital expenditures, and Adjusted Earnings Per Share between $0.77 and $0.81.
Founded in 1965, Petco is a category-defining health and wellness company focused on improving the lives of pets, pet parents and our own Petco partners. We've consistently set new standards in pet care while delivering comprehensive pet wellness products, services and solutions, and creating communities that deepen the pet-pet parent bond
WOOF shares tumbled $1.06, or 6.7% to $14.67.
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