Welcome to our dedicated page for Petco Health and Wellness Company news (Ticker: WOOF), a resource for investors and traders seeking the latest updates and insights on Petco Health and Wellness Company stock.
Petco Health and Wellness Company, Inc. (Nasdaq: WOOF) is a category-defining pet health and wellness company dedicated to improving the lives of pets, pet parents, and its own partners. Founded in 1965, Petco has been setting new standards in pet care through its comprehensive range of wellness solutions including products, services, and community initiatives that enhance the bond between pets and their parents.
Operating more than 1,500 locations across the U.S., Mexico, and Puerto Rico, Petco offers a wide array of pet care products including food, treats, and supplies. Beyond retail, Petco has established a significant online presence via its website and mobile app, providing pet parents with a convenient, one-stop resource for pet health and wellness.
A key component of Petco’s service offering is its growing network of over 100 in-store veterinary hospitals. These facilities, combined with mobile veterinary clinics, provide an extensive range of medical services that address the diverse needs of pets. In partnership with Petco Love (formerly known as the Petco Foundation), an independent nonprofit, Petco supports thousands of animal welfare groups nationwide and has facilitated the adoption of over 6.5 million animals through in-store events.
In recent financial updates, Petco reported a net revenue of $1.53 billion for the second quarter of 2023, marking a 3.4% increase from the previous year, primarily driven by a robust performance in consumables and services. Despite facing challenges in its supplies and companion animal business, Petco continues to focus on strategic initiatives aimed at cost savings and productivity enhancements, targeting $150 million in savings by the end of fiscal 2025.
Petco has also introduced a new holiday collection, aptly named Merry Makings, featuring over 500 products designed to integrate pets into family holiday celebrations. Additionally, the company has strengthened its insurance offerings through a partnership with Nationwide, providing customizable pet health insurance plans that cater to the specific needs of pet parents.
In leadership developments, Mike Mohan was appointed Interim CEO in March 2024, succeeding Ron Coughlin. Mohan brings a wealth of retail experience and a strategic vision aimed at driving profitability and operational excellence.
As Petco navigates through these dynamic times, the company remains committed to its mission of enhancing pet wellness and deepening the pet-pet parent bond, ensuring holistic care for pets at every life stage.
Petco Health and Wellness Company (Nasdaq: WOOF) has appointed Joe Venezia as Chief Revenue Officer, effective November 17, reporting to CEO Joel Anderson. In this new role, Venezia will oversee pet care centers, pet and veterinary services, real estate, and customer success capabilities, focusing on driving revenue and improving customer experience.
Venezia brings over 25 years of retail experience, most recently serving as Chief Operating Officer of Stores at Michaels. His previous experience includes leadership positions at Bridgestone Retail Operations, Toys 'R' Us, Babies 'R' Us, Walmart, and Procter & Gamble.
Petco Health and Wellness Company (Nasdaq: WOOF) announced it will release its third quarter 2024 earnings results on December 5, 2024, at approximately 4:00 p.m. Eastern. Company executives will host a conference call at 4:30 p.m. Eastern to discuss financial and operating performance. The earnings call will be webcast live, with the release and presentation available on Petco's Investor Relations page. A replay will be accessible until December 19, 2024, at 5:00 p.m. Eastern.
Petco Health and Wellness Company (Nasdaq: WOOF) reported its Q2 2024 financial results, showing a slight decrease in net revenue to $1.52 billion, down 0.5% year-over-year. The company experienced a GAAP net loss of $24.8 million or $(0.09) per share, compared to a loss of $14.6 million or $(0.05) per share in the prior year. Adjusted EBITDA decreased to $83.5 million from $112.6 million. Despite challenges, Petco saw growth in consumables (up 1.5%) and services (up 3.1%), offset by declines in supplies and companion animal business. The company provided Q3 2024 guidance, projecting revenue of ~$1.5 billion and Adjusted EBITDA between $76-80 million.
Petco Health and Wellness Company, Inc. (Nasdaq: WOOF) has announced its upcoming second quarter 2024 earnings release and conference call. The company, a complete partner in pet health and wellness, will release its Q2 2024 earnings results on September 10, 2024, at approximately 4:00 p.m. Eastern. Following the release, Petco executives will host a conference call at around 5:00 p.m. Eastern to review the company's financial and operating performance.
The earnings call will be webcast live, with the earnings release and presentation available on Petco's Investor Relations page at ir.petco.com. For those unable to attend live, a replay of the webcast will be accessible online approximately two hours after the conference call, remaining available until September 24, 2024, at 5:00 p.m. Eastern.
Petco Health and Wellness Company, Inc. (Nasdaq: WOOF) has announced the granting of inducement equity awards to its newly-hired Chief Executive Officer, Joel D. Anderson, on July 29, 2024. The awards, approved by independent board members, include:
- 1,492,538 restricted stock units
- 1,492,538 target performance stock units
- Non-qualified stock options to purchase 1,366,121 shares at $5.00
- Non-qualified stock options to purchase 1,381,216 shares at $7.50
The restricted stock units and options will vest over three years, while the performance stock units are tied to Petco's adjusted EBITDA performance from February 2, 2025, to January 29, 2028. These awards were granted outside Petco's 2021 Equity Incentive Plan but follow similar terms and conditions.
Petco Health and Wellness Company (Nasdaq: WOOF) has announced significant leadership changes. Joel D. Anderson has been appointed as the new Chief Executive Officer and elected to the Board of Directors, effective July 29, 2024. Anderson, a 30-year retail industry veteran, is known for his ability to build strong teams and create shareholder value.
R. Michael Mohan, the current interim CEO, will transition to chair a new Board committee focused on value creation initiatives. The company's Executive Chairman, Glenn Murphy, expressed confidence in Anderson's leadership and the opportunities to improve Petco's performance. These changes come at a pivotal time as Petco aims to reposition its business and strengthen its future in the pet health and wellness market.
Petco has released its 2023 ESG report, highlighting significant strides in environmental, social, and governance initiatives. The report underscores Petco's commitment to improving the lives of pets, pet owners, and employees. Key achievements include finding homes for 142,924 pets, administering 2.2 million free vaccines, and donating $33.5 million to local shelters. Petco expanded its veterinary care network to over 280 in-store hospitals and launched a clean grooming label for products and services. Additionally, the Well & Good brand earned the Leaping Bunny certification. On the environmental front, Petco's new recycling program diverted over four tons of LDPE plastic from landfills in six months and aims to divert nearly 150 tons annually. Petco also achieved high rankings in corporate sustainability and equality benchmarks, and promoted continuous learning and development among employees.
Petco Health and Wellness Company announces leadership changes to streamline operations and enhance profitability. James Roth is appointed as Chief Stores Officer, responsible for U.S. and Puerto Rico operations, bringing over 20 years of retail experience from Abercrombie & Fitch. Shari White becomes Interim Chief Merchant, with a background at Perrigo and Target. The changes include eliminating the Chief Operating Officer role, and the departure of Justin Tichy and Amy College. The executive team expands with key strategic roles to facilitate quicker decision-making and implementation of best practices.
Petco Health and Wellness reported its Q1 2024 earnings, showing a net revenue decline of 1.7% to $1.5 billion. Comparable sales also dipped by 1.2% year-over-year but grew 4.1% over two years. The company reported a GAAP net loss of $46.5 million ($(0.17) per share), a significant increase from the prior year's loss of $1.9 million ($(0.01) per share). Adjusted Net Income stood at $(11.8) million ($(0.04) per share), down from $14.9 million ($0.06) per share in the previous year. Adjusted EBITDA dropped to $75.6 million from $111.0 million. Operating Cash Flow was $(8.4) million, a decrease from $37.7 million last year, and Free Cash Flow was $(41.1) million, compared to $(24.4) million. Despite these declines, the company saw growth in its consumables (0.1%) and services (4.2%) sectors.
Petco Health and Wellness Company (Nasdaq: WOOF) has appointed Glenn Murphy as Executive Chairman of the Board of Directors effective immediately.
Murphy will aid in enhancing profitability and driving long-term growth. He will also lead the search for a permanent CEO.
Murphy's extensive retail sector experience includes roles at FIS Holdings, lululemon athletica, Gap, and Shoppers Drug Mart.
As part of his appointment, Murphy has purchased 1,470,589 shares of Petco's Class A common stock for approximately $2.5 million. He will also receive substantial inducement awards including 1,000,000 restricted stock units and stock options for up to 4,250,000 shares.
The Board of Directors will now include eleven members.
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