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American pet retailer Petco Health and Wellness Company Inc. reported a 227% surge in its first-quarter net income, as sales hit historic levels during the period.
Source: Petco
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Net income attributable to common stockholders jumped by 227% to $24.693 million from $7.560 million, while net income surged by 287% to $23.802 million from $6.149 million.
First-quarter net income increased by 4% to $1.475 billion from $1.414 billion, while gross profit grew 2% to $607.674 million from $596.985 million. Operating income jumped by 5% to $49.939 million from $47.749 million.
Chief Executive Officer Ron Coughlin attributed the growth to the ‘no excuses’ execution approach or end-to-end offering, which covers over 200 fully-owned veterinary hospitals.
Petco has maintained its full-year 2022 financial guidance as earlier announced.
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