Petco announces record revenue and appointment of new CFO
In the second quarter of 2021, Petco’s net revenue came in at $1.4 billion (€1.2b), a 19 percent increase compared to the year prior.
Net income of the company improved by $67.7 million (€57.88m) from $75.1 million (€64.2m) in 2020. Trailing twelve month net income improved by $139 million (€118.83m) from prior year to $79.9 million (€68.31m).
“With purpose driven performance at the heart of all we do, our second quarter results reflect the strength of our differentiated model and continued focus on driving customer acquisition, increasing spend, fueling comp growth of 20 percent year-over-year and 30 percent on a two-year stack,” said Ron Coughlin, Chairman and Chief Executive Officer of Petco. “We exited Q2 with strong momentum while lapping robust double-digit comp growth. We believe we have significant runway for continued growth as we execute against our proven transformation strategy in multi-year growth areas across services, veterinary care, digital, and owned and premium brands.”
In its second quarter, the retailer added 1 million net new customers. Its digital revenue grew by 14%, while its services and vet revenue grew 49%.
New CFO
After serving as Petco’s Senior Vice President of Finance, Brian LaRose now steps up as the company’s CFO, succeeding Mike Nuzzo.
In his new role, LaRose will oversee all aspects of Petco’s corporate strategy, financial strategy, performance, reporting and long-range business planning. He will report directly to Petco Chairman and CEO, Ron Coughlin.
Former CFO Nuzzo will continue in his role as Chief Operating Officer and President, Petco Services.