Petco's Sales Increase 4.1% YoY in Q3 2022

Petco Health and Wellness Company has shared its Q3 2022 financial numbers, showcasing growth compared to last year as the pet category continues to flourish.

For the period ended Oct. 29, 2022, comparable sales grew 4.1% year-over-year and 19.6% on a two-year basis compared to Q3 2020. Q3 marked the 16th consecutive quarter at Petco in which comparable store sales increased.

Net revenue in the quarter was $1.50 billion, an increase of 4.0% from last year. Net income was $19.9 million or $0.07 per share compared to $52.8 million or $0.20 per share in the prior year. Petco reaffirmed its full year 2022 financial guidance, now expecting Adjusted Earnings Per Share to be between $0.75 and $0.79 for the full year.

"Our Q3 results demonstrate the resilience of the pet category through economic cycles, the competitive advantages inherent in our model, and the Petco team's incredible execution," said Petco CEO Ron Coughlin. "Pet parents continue to prioritize the health and wellness of their pets with Petco, from our high-quality food, vet care and services, to membership programs like Vital Care which act as drivers of value and loyalty. We remain committed to redefining the industry through our differentiated offering and innovative partnerships, demonstrating the attractiveness of our one-of-a-kind ecosystem and powered by the most passionate team in retail."

Based in San Diego, Calif., Petco operates more than 1,500 pet care centers across the U.S., Mexico and Puerto Rico, where its private label and retailer-exclusive products can be found.