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Exhibit 99.1
| Contacts: | ||||
| Investor Relations | Media Relations | |||
| Kristy Moser | Ventura Olvera | |||
| Kristine.moser@petco.com | Ventura.olvera@petco.com | |||
FOR IMMEDIATE RELEASE: March 18, 2021
PETCO HEALTH + WELLNESS COMPANY, INC. Reports Strong Fourth Quarter and Full-Year 2020 Results, Issues 2021 Guidance
Fourth quarter revenue and comp sales increased 16% and 17%, respectively
Digital sales grew over 90%; Acquired approximately 1 million new customers in the quarter
Fiscal 2020 revenue and comp sales both grew 11%, reflecting continued success of Petco’s transformation into an omnichannel Health and Wellness provider
San Diego, CA (March 18, 2021) – Petco Health and Wellness Company, Inc. (NASDAQ: WOOF), a complete partner in pet health and wellness, today released its financial results for fourth quarter and fiscal 2020 ended January 30, 2021.
The company delivered fourth quarter comparable sales growth of 17 percent and net revenue growth of 16 percent, marking the ninth consecutive quarter of growth for Petco. A $17.5 million loss on the extinguishment of debt related to the company’s initial public offering contributed to a net loss of $6.2 million or $0.03 per share, an improvement of 14 percent and 17 percent, respectively. Adjusted Net Income1 increased 103 percent from prior year to $37.0 million or $0.17 per share, while fourth quarter Adjusted EBITDA1 increased 13 percent to $148.6 million from prior year.
Fiscal year 2020 revenue increased 11 percent from prior year to $4.9 billion. A net loss of $26.5 million or $0.13 per share improved 72 percent and 73 percent, respectively, and was also inclusive of a $17.5 million loss on the extinguishment of debt related to the company’s initial public offering. That 11 percent growth translated to a 14 percent improvement in Adjusted EBITDA1 to $484.3 million, as well as a $68.0 million improvement in Adjusted Net Income1 to $58.1 million or $0.28 per share, reflecting the strength of Petco’s multi-channel pet care ecosystem.
“On the heels of a successful IPO in January, we closed the year with a strong fourth quarter, and that momentum has carried into 2021,” said Ron Coughlin, Chairman and Chief Executive Officer of Petco. “Our comprehensive petcare ecosystem focused on health and wellness, coupled with our digitally-led, multichannel experience is resonating with pet parents and generating significant competitive advantages that are evident in our performance. Our category continues to grow powered by the millions of incremental new pets in households, which is creating an annuity for years to come. Whether it is eliminating products with artificial ingredients3, rapidly expanding vet clinics, training, grooming or customer-first fulfillment options like same-day delivery, we’re expanding the ways we take care of beloved pets and stepping up to meet increased demand making Petco well positioned for long-term growth.”
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The following information was filed by Petco Health Wellness Company, Inc. (WOOF) on Thursday, March 18, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Petco Health Wellness Company, Inc. provided additional information to their SEC Filing as exhibits
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Ticker: WOOF
CIK: 1826470
Form Type: 10-K Annual Report
Accession Number: 0001564590-21-017616
Submitted to the SEC: Mon Apr 05 2021 4:11:32 PM EST
Accepted by the SEC: Mon Apr 05 2021
Period: Saturday, January 30, 2021
Industry: Retail Stores
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