Petco’s sales grow 3.8% in the second quarter of 2022
The American retailer’s net income drops 82% to $13.4 million, partly due to the costs of purchasing the veterinary joint venture Thrive.
The company posted net sales of $1.48 billion in the quarter ending July 31, 2022, marking the 15th consecutive growth quarter.
“Petco’s business and customers continue to grow, driven by the strength of our unique end-to-end health and wellness pet ecosystem,” CEO Ron Coughlin noted to investors.
On the other hand, the company’s net income decreased by $61.7 million, impacted by a $55.4 million non-cash change in the fair value of one of the company’s investments and $10.9 million of integration-related costs incurred related to the buyout of the 50% of the stakes of the company’s veterinary joint venture, Thrive.
Petco has also updated its full-year 2022 financial guidance and expects net revenue of $5.9 billion to $6 billion. In 2021, the retailer delivered $5.8 billion in sales.
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