Petco Health Q3 Profit Down, Adj. EPS Meets View, Comps Up; Cuts FY22 Earnings View

(RTTNews) - Pet retailer Petco Health and Wellness Co., Inc. (WOOF) reported Wednesday that third-quarter net income was $19.92 million or $0.07 per share, down from $52.75 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.

On average, 13 analysts polled by Thomson Reuters expected earnings of $0.16 per share for the quarter. Analysts' estimates typically exclude special items.

Petco delivered net sales of $1.50 billion, up 4 percent versus prior year's $1.44 billion. Analysts estimated revenues of $1.49 billion for the quarter.

Comparable sales grew 4.1 percent year over year and 19.6 percent on a two-year basis.

Looking ahead, Petco has reaffirmed its full year 2022 financial guidance for net revenue of $5.975 billion to $6.05 billion and adjusted EBITDA of $580.0 million to $595.0 million.

Further, the company updated its guidance for adjusted earnings per share.

For the full year, Petco now expects adjusted earnings per share between $0.75 and $0.79, down from previous outlook of $0.77 to $0.81. Analysts expect earnings of $0.77 per share for the year.

In pre-market activity on Nasdaq, Petco shares were gaining around 11.8 percent to trade at $10.61.

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