Petco sets strategy to acquire new customers and increase revenue
The pet retailer expects consistent growth at a rate of 27-35% until 2025, surpassing $8 billion in revenue.
The California-based company believes that it came out of the pandemic stronger and “driving significant market share capture” achieving more than 24 million customers.
CEO Ron Coughlin said on the Investor Day event celebrated on March 23rd in New York that the pet category is “resilient to economic downturns, resilient to inflation.”
One of the main priorities of the company is to combine brick-and-mortar and digital omnichannel experiences as well as the use stores as micro-distribution centers. With this business strategy, they expect to acquire new customers and capture share of wallet.
Petco also reaffirmed guidance for 2022, with a yearly revenue ranging from $6.15B (€5.6B) to $6.25B (€5.7B). In addition, it expects to reach revenue of between $8.2 and $8.5 billion by 2025.
In 2021, the retailer posted $5.8 billion (€5.3B) in sales.