Petco tumbles 14% after cutting full-year forecast

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Petco tumbles 14% after cutting full-year forecast
Credit: © Reuters.

Petco Health and Wellness Company (NASDAQ: WOOF ) shares fell nearly 14% in early Thursday trade after the company slashed its full-year profit outlook.

The company now expects adjusted EPS for the full year 2024 to be in the range of 24 cents to 30 cents. This outlook is lower than the previous range of 40 cents to 48 cents.

Net revenue forecast for the full year remains at $6.15-6.28 billion, slightly below the estimated $6.31B.

As far as Q2 results are concerned, the company reported adjusted EPS of 6 cents on revenue of $1.53B, which compares to the consensus for earnings of 6 cents on revenue of $1.52B.

Comparable sales growth was +3.2%, ahead of the expected 2.3%.

"We continue to focus on execution through an uncertain environment, delivering our 19th consecutive quarter of comp sales growth, with ongoing strength in consumables and services, particularly in vet," said Petco CEO Ron Coughlin.

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