Petco Stock Drops After Q1 Revenues Miss: Details

Core Insights - Petco Health and Wellness Company reported a quarterly loss of four cents per share, aligning with analyst expectations [1] - Quarterly revenue was $1.49 billion, falling short of the $1.5 billion estimate and down from $1.53 billion in the same quarter last year [1] - The CEO highlighted the company's performance as a reflection of the team's execution and the resilience of the category [2] Financial Performance - Net sales of $1.5 billion represented a 2.3% decrease year-over-year, consistent with the company's first quarter outlook [4] - Comparable sales decreased by 1.3% year-over-year [4] - Gross profit margin improved by approximately 30 basis points to 38.2% as a percentage of net sales [4] Market Reaction - Following the earnings report, Petco's stock price dropped by 10.77%, trading at $3.23 during extended hours [3]