Petco (NASDAQ: WOOF)reported its shares jumped Wednesday, as its adjusted quarterly earnings of 16 cents per share matched Street forecasts, but revenue was slightly above estimates. A comparable store sales rise of 4.1% beat the FactSet consensus estimate of a 3.5% increase.
In the third quarter of 2022, Petco delivered net revenue of $1.50 billion , up 4.0 percent versus prior year. Net income was $19.9 million or $0.07 per share compared to $52.8 million or $0.20 per share in the prior year. Adjusted Net Income was $42.9 million or $0.16 per share, compared to $54.0 million or $0.20 per share in the prior year.
"Our Q3 results demonstrate the resilience of the pet category through economic cycles, the competitive advantages inherent in our model, and the Petco team's incredible execution," said Petco CEO Ron Coughlin .
"Pet parents continue to prioritize the health and wellness of their pets with Petco, from our high-quality food, vet care and services, to membership programs like Vital Care which act as drivers of value and loyalty. We remain committed to redefining the industry through our differentiated offering and innovative partnerships, demonstrating the attractiveness of our one-of-a-kind ecosystem and powered by the most passionate team in retail."
Petco has reaffirmed its full year 2022 financial guidance for net revenue, Adjusted EBITDA and capital expenditures and updated its full year 2022 financial guidance for Adjusted Earnings Per Share
WOOF shares grabbed 98 cents, or 10.3%, to $10.47.
