Petco Stock Rises on Strong Earnings, Revenue

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Petco maintained its financial forecasts for the full year.

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Bruce Bennett / Getty Images

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Shares of Petco Health & Wellness closed after posting better-than-expected first-quarter profits and revenue on Wall Street.

The pet retailer’s revenue was $1.47 billion, up from $1.41 billion in the same period last year. Analysts polled by FactSet were expecting $1.45 billion. Comparable-store sales growth was 5.1%, far better than the consensus call for 2.8%.

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In premarket trading, the company’s shares rose 8% to $15.85, but then slipped back to gain about 0.7% when the regular session began. The S&P 500 was down 2.3%. The stock is down 18.5% so far this year, more or less in line with losses in the broader market.

Net income was $24.7 million, or 9 cents per share, up from $7.6 million, or 3 cents per share, last year. Adjusted earnings per share was 17 cents per share, while the FactSet consensus call was for 15 cents.

The company maintained its forecast for revenue of $6.15 billion to $6.25 billion for the full year, with adjusted EPS up 97 cents to $1.

Write Logan Moore at [email protected]

Credit: www.marketwatch.com /

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