Petco's stock slides 9% after company swings to loss and cuts 2023 guidance
Petco Health & Wellness Co.'s stock (WOOF) slid 9% in premarket trade Thursday, after the pet care and goods company swung to a second-quarter loss and issued a profit warning for 2023. The San Diego-based company had a net loss of $14.6 million, or 5 cents a share, for the quarter, after income of $13.5 million, or 5 cents a share, in the year-earlier period. Adjusted per-share earnings came to 6 cents, matching the FactSet consensus. Revenue rose 3.4% to $1.53 billion, just ahead of the $1.52 billion FactSet consensus. "With discretionary spending continuing to be pressured, we're taking numerous strategic actions to strengthen our business, including initiatives to unlock a targeted $150 million in cost savings and productivity enhancements by the end of fiscal 2025," Chief Executive Ron Coughlin said in a statement. The company also cut its guidance for 2023. It now expects full-year adjusted EPS of 24 cents to 30 cents and revenue of $6.150 billion to $6.275 billion. The FactSet consensus is for EPS of 42 cents and revenue of $6.279 billion. The stock has fallen 31% in the year to date, while the S&P 500 has gained 15.5%.
-Ciara Linnane
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
08-24-23 0716ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
Undervalued by 25% and Yielding 5%, This Stock Is a Buy
-
Can AI Predict Future Stock Returns?
-
The Best Energy Stocks to Buy Now
-
10 Undervalued Wide-Moat Stocks
-
Obesity Drugs: Can New Firms Take Market Share From Eli Lilly and Novo Nordisk?
-
New 4-Star Stocks
-
Intel Fair Value Left Unchanged Despite Qualcomm Takeover Talk