Petco increases sales, but income is down

The American pet store chain Petco has released figures for the third quarter of 2022. According to these, Petco’s net sales totalled 1.5 bn dollars, up by 4 per cent compared with last year. Net income declined by 32.8 mio dollars to 19.9 mio dollars (previous year: 52.8 mio dollars) and was impacted, according to the company, by a non-cash-effective change in the fair value of one of its investments amounting to 19.2 mio dollars. Adjusted net income fell by 11.1 mio dollars to 42.9 mio dollars.