This post was originally published on this site
https://i-invdn-com.investing.com/news/LYNXNPEAB20I9_M.jpg
Shares of Petco Health and Wellness Company (NASDAQ:WOOF) are trading lower in pre-market Wednesday after the pet retailer reported mixed Q4 results and issued a soft FY revenue forecast.
Petco posted EPS of $0.23 on revenue of $1.58 billion, which compares to the consensus for earnings of $0.24 per share on revenue of $1.57B. Overall, sales rose over 4% year-over-year while comparable sales increased by 5.3%, beating the 3.6% consensus.
“Record fourth quarter sales, with cash flow exceeding expectations, rounded out a solid fiscal year, once again demonstrating the enduring strength of the pet category and Petco’s ability to grow through economic cycles,” said Petco CEO Ron Coughlin.
The company said it expects to pay $100M in principal payments on term loan. For FY24, Petco guided to revenue in the range of $6.15-6.28B, worse than the expected $6.38B.
“As we look ahead, the pet category remains resilient and growing, and we’ll continue to execute day-in and day-out while we progress our differentiated long-term growth strategy,” added Coughlin.
