Petco nears $1.5B in revenue in 3rd quarter
by Katie Pfaff
Pet health company, Petco Health and Wellness Company, Inc., reported its net revenue for the third quarter of 2021 reached $1.4 billion. The quarterly revenue marks a 15% increase over the same quarter last year. The third quarter closed on October 30.
"Q3 marked our sixth consecutive quarter of double-digit growth with a 15% Q3 comp, lapping 17 percent a year ago, giving us the confidence to raise guidance for full-year 2021," said Ron Coughlin, chairman, and chief executive officer of Petco. "Our focus on long-term, sustainable growth is powered by continued execution against our transformation, with one of the fastest veterinary expansions in history, further enhancement of our digital competitive advantages, expansion of our merchandise differentiation through powerful owned and exclusive brands, and our incredible Petco Partners who are improving more pet lives every single day in a challenging environment."
According to the company, the adjusted net income in Q3 has jumped by $40.4 million compared to Q3 in 2020. The higher adjusted revenue was $54.0 million this year for the period. At the same time that revenue increased, the debt remained about the same, according to Petco. Through the initial 39 weeks of the year, the total debt was $1.7 billion.
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