Petco reports Q1 net loss of $46.5M; revenue down 1.7% YoY to $1.5B

Petco Health & Wellness Company, Inc.

2024-Q1 EPS reported -$0.17 revenue$1,529,140,000

GAAP net loss of $46.5M ($0.17 per share) vs. prior year loss of $1.9M ($0.01 per share).
Adjusted net loss of $11.8M ($0.04 per share) vs. prior year income of $14.9M ($0.06 per share).
Adjusted EBITDA fell to $75.6M from $111.0M; operating cash flow was negative $8.4M.
Comparable sales declined 1.2% YoY; supplies and companion animal down 6.8%, services up 4.2%.
Interim CEO Mike Mohan cites focus on retail fundamentals and cost transformation to restore profitability.

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