Petco’s sales increased by 5% in the first quarter of 2022
The retailer’s net income grew 227% to $23.8M (€22.1B) in the period and it is confident about the “continued momentum” within the category.
Sales of the company increased by 4.3% against the same period in 2021. In 2 years, the company increased its sales by 33.5%, from $1.1 billion (€1B) in Q1 2020 to $1.48 billion (€1.39B) in Q1 2022.
“Petco’s strong Q1 results were driven by our incredible team’s ‘no excuses’ execution approach, a pet category that continues to surge, and the power of our one-of-a-kind end-to-end offering that now includes over 200 fully owned veterinary hospitals,” said CEO Ron Coughlin.
Net income grew 227% from $7.5M (€7M) in 2021 to $24,7M (€23M) in 2022.
The California-based company said that this is the 14th consecutive growth quarter and it is confident to continue the positive trend thanks to its retail 3.0 omnichannel capabilities.
Petco has maintained its full-year 2022 financial guidance with a forecast of 6-8% revenue growth.