Petco reports net revenue of 1.56 bn dollars

In the first quarter of 2023, Petco Health and Wellness Company delivered net revenue of 1.56 bn dollars, up by 5.4 per cent compared with the previous year. This was driven by strength in the company's consumables business, up by 11.2 per cent from the previous year, and services and other business, up by 25.4 per cent compared with the previous year.

First-quarter revenue growth was partially offset by the company's supplies and companion animal business, down 7.6 per cent from the previous year. The net loss was 1.9 mio dollars.

“We continue to execute on our strategy amidst the current environment, delivering our 18th consecutive quarter of comp sales growth in the first quarter, driven by the ongoing strength in consumables and record performance in our services business,” said Petco CEO Ron Coughlin.