Petco sales hit $1.5 billion in Q3 2022
Revenue increased by 4% against last year, while net income dropped by $12.9 million.
The revenue growth in the quarter ending 29 October 2022 was driven by digital purchases, which went up 10% year-on-year. The retailer’s veterinary segment increased by 14%.
Petco CEO Ron Coughlin said that the results demonstrate “the resilience of the pet category through economic cycles” and pet parents “continue to prioritize health and wellness.”
The company’s net income decreased by $32.8 million to $19.9 million. The decrease was impacted by a $19.2 million non-cash change in the fair value of one of the company’s latest investments.
Petco maintains its guidance for 2022 and expects total revenue of $5.97 billion to $6.05 billion.
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