Petco Health + Wellness Company, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Petco Health and Wellness Company, Inc. reported a net revenue of $1.6 billion for Q4 2024, a decrease of 7.3$375 million and $390 million [2][3] - Petco's full year 2024 adjusted EBITDA was$336.5 million, down from $401.1 million in the previous year [8] Q4 2024 Overview - The CEO highlighted progress in returning Petco to retail operating excellence, with comparable sales increasing by 0.5$589.3 million, a decrease of 2.8% from $606.3 million in the previous year [8] - The GAAP net loss for Q4 2024 was$13.8 million, an improvement from a net loss of $22.6 million in the prior year [8] Full Year 2024 Overview - Total net revenue for the full year 2024 was$6.1 billion, down 2.2% year over year [8] - The company reported a GAAP net loss of $101.8 million for the full year, significantly improved from a net loss of$1.3 billion the previous year, which included a $1.2 billion non-cash goodwill impairment charge [8] - Operating cash flow for the full year was$177.7 million, compared to $215.7 million in the previous year [8] 2025 Guidance - For FY 2025, Petco expects net revenue to decline in low single digits year over year [2] - The company anticipates net interest expense of approximately$130 million and capital expenditures between $130 million and$140 million [2] - The guidance includes expectations for around 20-30 net closures of real estate locations [2] First Quarter 2025 Guidance - For Q1 2025, Petco projects net revenue to decrease in low single digits year over year, with adjusted EBITDA expected to be between $82 million and$83 million [3]