{"id":529640,"date":"2021-08-19T07:32:15","date_gmt":"2021-08-19T11:32:15","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/petco-health-wellness-company-inc-announces-record-revenue-and-earnings-with-20-percent-comp-growth-and-30-percent-on-a-two-year-basis\/"},"modified":"2021-08-19T07:32:15","modified_gmt":"2021-08-19T11:32:15","slug":"petco-health-wellness-company-inc-announces-record-revenue-and-earnings-with-20-percent-comp-growth-and-30-percent-on-a-two-year-basis","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/petco-health-wellness-company-inc-announces-record-revenue-and-earnings-with-20-percent-comp-growth-and-30-percent-on-a-two-year-basis\/","title":{"rendered":"Petco Health + Wellness Company, Inc. announces record revenue and earnings with 20 percent comp growth and 30 percent on a two-year basis"},"content":{"rendered":"
\n

– Recurring revenue offerings, rapidly expanding vet business and digital growth drive eleventh consecutive quarter of comparable sales growth<\/h2>\n

– Revenue growth of 19 percent year over year and 31 percent on a two-year basis<\/h2>\n

– Earnings per share of $0.28; Adjusted Earnings Per Share1 of $0.25<\/h2>\n

– Raised full year 2021 guidance on top and bottom line<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n SAN DIEGO<\/span>, Aug. 19, 2021<\/span> \/PRNewswire\/ — Petco Health and Wellness Company, Inc. (Nasdaq: WOOF), a complete partner in pet health and wellness, today released its financial results for its second quarter ended July 31<\/span>, 2021.\u00a0 <\/p>\n

\n

\n
\n \"Petco
\n <\/a>\n <\/p>\n<\/p><\/div>\n

In the second quarter of 2021, Petco delivered net revenue of $1.4 billion<\/span>, up 19 percent versus prior year. \u00a0Net income improved by $67.7 million<\/span> from prior year to $75.1 million<\/span> or $0.28<\/span> per share.\u00a0 Trailing twelve month net income improved by $139.0 million<\/span> from prior year to $79.9 million<\/span>.\u00a0 Adjusted Net Income1<\/sup> increased $44.4 million<\/span> from prior year to $67.5 million<\/span> or $0.25<\/span> per share, while second quarter Adjusted EBITDA1<\/sup> increased by 19 percent from prior year to $155.1 million<\/span>.\u00a0 \u00a0<\/p>\n

“With purpose driven performance at the heart of all we do, our second quarter results reflect the strength of our differentiated model and continued focus on driving customer acquisition, increasing spend, fueling comp growth of 20 percent\u00a0year-over-year and 30 percent\u00a0on a two-year stack,” said Ron Coughlin<\/span>, Chairman and Chief Executive Officer of Petco. “We exited Q2 with strong momentum while lapping robust double-digit comp growth.\u00a0 Looking ahead, we’re operating from a position of strength as we move into the second half, which gave us the confidence to raise our guidance. We believe we have significant runway for continued growth as we execute against our proven transformation strategy in multi-year growth areas across services, veterinary care, digital, and owned and premium brands.”<\/p>\n

Additionally, in the first half of 2021 total debt remained roughly flat at $1.7 billion<\/span> with Net Debt1<\/sup> improving $73.4 million<\/span> to $1.5 billion<\/span> driven by net cash flow from operations of $202.4 million<\/span> and Free Cash Flow1<\/sup> of $102.5 million<\/span>, up 119 percent and 142 percent, respectively, from the first half of 2020.\u00a0 Also in the first half of 2021, Net Debt1<\/sup> \/ Trailing Twelve Month Adjusted EBITDA1<\/sup> decreased 16 percent\u00a0or 0.5x to 2.7x driven by Free Cash Flow1 <\/sup>generation and growth in Adjusted EBITDA1<\/sup>.\u00a0<\/p>\n

\n Fiscal Q2 2021 Highlights:
<\/b>
\n Comparisons are second quarter of 2021 ended July 31, 2021<\/span> versus second quarter of 2020 ended August 1, 2020<\/span> unless otherwise noted<\/i>\n <\/p>\n