Pet retailer Petco Health and Wellness Co., Inc. (WOOF) reported Wednesday that its fourth-quarter net income was $32.7 million or $0.12 per share, an increase of 12.9 percent from $29.0 million or $0.11 per share in the prior year.
Adjusted net income was $62.0 million or $0.23 per share, compared to $75.1 million or $0.28 per share in the prior year.
On average, 12 analysts polled by Thomson Reuters expected earnings of $0.24 per share for the quarter. Analysts’ estimates typically exclude special items.
In the quarter, Petco delivered net revenue of $1.58 billion, up 4.2 percent from the prior year’s $1.51 billion, mainly driven by strength in the company’s consumables business. Analysts expected revenues of $1.57 billion for the quarter.
Comparable sales grew 5.3 percent year over year and 18.8 percent on a two-year basis.
Looking ahead for fiscal 2023, including expected 53rd week of operations, the company expects adjusted earnings per share to be down $0.13 to $0.21 from last year’s $0.75 per share.
Adjusted EBITDA is expected to be down around $10 million to up around $10 million from last year’s adjusted EBITDA of $582.3 million.
Net revenue is expected to be $6.150 billion to $6.275 billion, higher than revenues of $6.04 billion in 2022.
Analysts expect earnings of $0.70 per share on revenues of $6.36 billion for fiscal 2023.
In pre-market activity on Nasdaq, Petco shares were losing around 7.8 percent to trade at $9.38.
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