Petco Health And Wellness Maintains FY22 Outlook As Q1 Results Top Estimates

(RTTNews) - While reporting its financial results for the first quarter on Tuesday, pet health and wellness firm Petco Health and Wellness Co., Inc. (WOOF) maintained its adjusted earnings and revenue guidance for the full-year 2022.

For fiscal 2022, the company continues to project adjusted earnings in a range of $0.97 to $1.00 per share on revenues between $6.15 billion and $6.25 billion.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.99 per share on revenues of $6.22 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter, net income attributable to shareholders soared to $24.69 million or $0.09 per share from $7.56 million or $0.03 per share in the prior-year quarter. Excluding items, adjusted earnings were $0.17 per share, compared to last year's $0.17 per share.

Net sales for the quarter increased 4.3 percent to $1.48 billion from $1.41 billion in the same quarter last year. Comp sales growth was 5.1 percent.

The Street was looking for earnings of $0.15 per share on net sales of $1.46 billion for the quarter.