Tough times for Petco

Petco has reported its second-quarter 2023 financial results, revealing a net loss of 14.6 mio dollars compared with net income of 13.5 mio dollars in the prior year. The retailer’s consumables, services and other businesses showed growth.

The company delivered net revenue of 1.53 bn dollars, up by 3.4 per cent over the previous year. This was driven by strength in the company’s consumables business, up 6.8 per cent compared with the previous year, and services and other business, which increased by 30.6 per cent over the previous year.

Second-quarter revenue growth was partially offset by the company’s supplies and companion animal business, down 9.4 per cent from the year before. Petco initiated a cost action plan in the quarter and estimates annualised gross run rate cost savings of 150 mio dollars by the end of fiscal 2025.