Shares of Petco Health and Wellness Company Inc (NASDAQ:WOOF) are 7% higher to trade at $2.74, but earlier was as high as $2.71 after the pet supply retailer's fourth-quarter revenue beat Wall Street's estimates. A major C-suite change happened, too, with CEO Ron Coughlin stepping down, and Michael Mohan taking point as interim.In response to the event and update, WOOF's typically quiet options pits are seeing an uptick in activity. So far, 1,321 calls and 899 puts have been traded so far -- six times the i ...

Petco CEO, Chairman and board member Ron Coughlin stepped down from those roles Wednesday (March 13) and was succeeded by Interim CEO R. Michael (Mike) Mohan.Coughlin will support the leadership transition as an advisor to the board, while the board has tapped a global executive search firm to help it find a permanent CEO, the pet care retailer said in a Wednesday press release.“On behalf of the board, we are deeply grateful for Ron’s many contributions to Petco over the past five years,” Cameron Breitner, ...

Petco Health & Wellness (WOOF) came out with quarterly earnings of $0.02 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.23 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this pet store chain would post earnings of $0.02 per share when it actually produced a loss of $0.05, delivering a surprise of -350%.Over the last four quarters, the company has surpassed consensus EPS estimates just once.Petco, which belon ...

| --- | --- | |------------------|-------| | | | | March 13, 2024 | | Petco cautions that the foregoing list of risks, uncertainties and other factors is not complete, and forward-looking statements speak only as of the date they are made. Petco undertakes no duty to update publicly any such forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority. | --- | --- | --- | --- | --- | ...

Q4 2023 Highlights Net revenue of $1.7 billion increased 6.1 percent year over year including the 14th week Comparable sales declined 0.9 percent year over year and increased 4.4 percent on a two-year basis GAAP net loss of $22.6 million, or $(0.08) per share, compared to GAAP net income of $32.7 million, or $0.12 per share in the prior year Adjusted Net Income1 of $6.1 million, or $0.02 per share, compared to $52.8 million, or $0.20 per share in the prior year Adjusted EBITDA1 of $105.3 million compared ...

R. Michael Mohan, Previously Lead Independent Director, Appointed Interim CEO Ron Coughlin stepped down as CEO, Chairman and member of the Board of DirectorsSearch Underway to Identify Permanent CEOSAN DIEGO, March 13, 2024 /PRNewswire/ -- Petco Health and Wellness Company, Inc. (Nasdaq: WOOF) today announced the Company's Board of Directors has appointed R. Michael (Mike) Mohan to serve as Interim Chief Executive Officer, effective today. Ron Coughlin has stepped down as Petco's Chief Executive Officer, Ch ...

Revenue Growth and Performance - Q4 2023 net revenue increased by 6.1% year over year to $1.7 billion, driven by an 8.8% growth in consumables and a 17.4% growth in services and other business, partially offset by a 1.4% decline in supplies and companion animal business[4][5] - Full year 2023 net revenue increased by 3.6% year over year to $6.3 billion, with consumables up 7.1% and services and other business up 21.9%, partially offset by a 6.8% decline in supplies and companion animal business[7] - Net sales for the 14 weeks ended February 3, 2024, increased by 6% to $1,674,476 thousand compared to $1,577,959 thousand in the same period last year[18] - Net sales for the 14 weeks ended February 3, 2024 were $1.674 billion, an increase from $1.578 billion for the 13 weeks ended January 28, 2023[26] Profitability and Losses - Q4 2023 GAAP net loss was $22.6 million, or $(0.08) per share, compared to a GAAP net income of $32.7 million, or $0.12 per share, in the prior year[5] - Full year 2023 GAAP net loss was $1.3 billion, or $(4.78) per share, including a $1.2 billion goodwill impairment, compared to a GAAP net income of $90.8 million, or $0.34 per share, in the prior year[5][7] - Net loss for the 14 weeks ended February 3, 2024, was $22,575 thousand compared to a net income of $32,732 thousand in the same period last year[18] - Net loss attributable to Class A and B-1 common stockholders for the 14 weeks ended February 3, 2024 was $22.575 million, compared to a net income of $32.732 million for the 13 weeks ended January 28, 2023[26] - Net margin for the 14 weeks ended February 3, 2024 was negative 1.3%, compared to positive 2.1% for the 13 weeks ended January 28, 2023[26] Adjusted EBITDA and Margins - Q4 2023 Adjusted EBITDA was $105.3 million, down from $157.9 million in the prior year, while full year 2023 Adjusted EBITDA was $401.1 million, down from $530.8 million in the prior year[5][7] - Adjusted EBITDA for the 14 weeks ended February 3, 2024 was $105.340 million, a decrease from $157.889 million for the 13 weeks ended January 28, 2023[26] - Adjusted EBITDA margin for the 14 weeks ended February 3, 2024 was 6.3%, down from 10.0% for the 13 weeks ended January 28, 2023[26] - Adjusted EBITDA is used by the company to provide a meaningful comparison of current period performance with the prior period and to assess core operating performance[25] Goodwill Impairment - Goodwill impairment for the 53 weeks ended February 3, 2024, was $1,222,524 thousand, which was not present in the same period last year[18] - Goodwill impairment for the 53 weeks ended February 3, 2024 was $1.222 billion, which significantly impacted the net loss for the period[26] Cash Flow and Financial Position - Net cash provided by operating activities for the 53 weeks ended February 3, 2024, was $215,719 thousand, a decrease from $346,003 thousand in the same period last year[22] - Cash and cash equivalents as of February 3, 2024, decreased to $125,428 thousand from $201,901 thousand as of January 28, 2023[20] - Total liabilities as of February 3, 2024, decreased to $4,178,723 thousand from $4,231,352 thousand as of January 28, 2023[20] - Free Cash Flow for the 14 weeks ended February 3, 2024 was negative $2.043 million, compared to positive $70.594 million for the 13 weeks ended January 28, 2023[31] Guidance and Future Expectations - Q1 2024 guidance includes net revenue of approximately $1.5 billion, Adjusted EBITDA of approximately $70 million, and Adjusted EPS of approximately $(0.06)[8] - Full year 2024 guidance includes net interest expense of approximately $145 million and capital expenditures of approximately $140 million[9] - The company anticipates a 26% tax rate and a weighted average diluted share count of 272 million for fiscal 2024[10] Business Operations and Impact - Petco operates over 1,500 pet care centers across the U.S., Mexico, and Puerto Rico, offering merchandise, companion animals, grooming, training, and veterinary services[12] - Petco has helped find homes for nearly 7 million animals through in-store adoption events in partnership with Petco Love[12] - Mexico Joint Venture EBITDA for the 14 weeks ended February 3, 2024 was $11.759 million, up from $9.265 million for the 13 weeks ended January 28, 2023[32] Gross Profit and Operating Income - Gross profit for the 14 weeks ended February 3, 2024, decreased by 3% to $606,348 thousand from $627,279 thousand in the same period last year[18] - Operating income for the 14 weeks ended February 3, 2024, was $166 thousand, a significant decrease from $77,560 thousand in the same period last year[18] Adjusted Net Income and EPS - Adjusted Net Income for the 14 weeks ended February 3, 2024 was $6.080 million, compared to $52.846 million for the 13 weeks ended January 28, 2023[28] - Adjusted EPS for the 14 weeks ended February 3, 2024 was $0.02, down from $0.20 for the 13 weeks ended January 28, 2023[28] Total Assets - Total assets as of February 3, 2024, decreased to $5,363,152 thousand from $6,612,829 thousand as of January 28, 2023[20]

SAN DIEGO, Feb. 26, 2024 /PRNewswire/ -- Petco Health and Wellness Company, Inc. (Nasdaq: WOOF) today announced that Brian LaRose, Chief Financial Officer, will participate in the UBS Global Consumer and Retail Conference on March 14, 2024. Mr. LaRose will participate in a fireside conversation at approximately 11:00 a.m. Eastern Time.  The webcast of the event will be available via the Company's investor relations page at ir.petco.com. A replay of the webcast will be archived on the Company's investor rela ...

SAN DIEGO, Feb. 13, 2024 /PRNewswire/ -- Petco Health and Wellness Company, Inc. (Nasdaq: WOOF) today announced it has appointed Holly May as Chief Human Resources Officer (CHRO), effective February 4. In this role, May is responsible for driving an HR strategy that delivers profitable growth and outstanding performance, and is grounded in Petco's mission to improve lives for pets, pet parents and Petco partners. “Our knowledgeable and passionate partners (employees) are Petco’s most valuable asset and diff ...

SAN DIEGO, Feb. 1, 2024 /PRNewswire/ -- On March 13, 2024, at approximately 7:00 a.m. Eastern, Petco Health and Wellness Company, Inc. (Nasdaq: WOOF), a complete partner in pet health and wellness, will release its fourth quarter 2023 earnings results. Additionally, Petco executives will host a conference call at approximately 8:00 a.m. Eastern to review the company's financial and operating performance. The call will be webcast live and the earnings release, earnings presentation, and infographic will be a ...