{"id":114683,"date":"2021-05-20T13:09:20","date_gmt":"2021-05-20T13:09:20","guid":{"rendered":"https:\/\/fin2me.com\/?p=114683"},"modified":"2021-05-20T13:09:20","modified_gmt":"2021-05-20T13:09:20","slug":"petco-shares-fall-despite-better-than-expected-earnings-and-increased-forecast","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/petco-shares-fall-despite-better-than-expected-earnings-and-increased-forecast\/","title":{"rendered":"Petco shares fall despite better-than-expected earnings and increased forecast"},"content":{"rendered":"<ul>\n<li>Petco beat Wall Street&#x27;s expectations for its first-quarter earnings.<\/li>\n<li>The company raised its forecast for this year.<\/li>\n<li>Petco&#x27;s same-store sales rose 28% from a year ago.<\/li>\n<\/ul>\n<p>In this article<\/p>\n<ul>\n<li><span>WOOF<\/span><\/li>\n<\/ul>\n<p>Petco Health and Wellness Company reported Thursday first-quarter earnings that outpaced Wall Street&#x27;s estimates as a surge in pet adoptions continues to help the retailer recruit new customers.<strong> <\/strong><\/p>\n<p>Despite the better-than-expected performance, and an increased earnings forecast, Petco shares fell nearly 3% in premarket trading.<\/p>\n<p>&quot;We&#x27;re attracting new customers and gaining market share in a growing category,&quot; said\u00a0Ron Coughlin, chairman and chief executive, in a press release. <\/p>\n<p>Here&#x27;s what the company reported for the fiscal first quarter ended May 1, according to Refinitiv consensus estimates:<\/p>\n<ul>\n<li>Earnings per share: 17 cents adjusted vs. 9 cents expected<\/li>\n<li>Revenue: $1.4 billion vs. $1.27 billion expected<\/li>\n<\/ul>\n<p>In the quarter, Petco reported net income of $7.56 million, or 3 cents per share, compared with a loss of $31.2 million, or 15 cents a share, a year ago.<\/p>\n<p>Excluding items, the company earned 17 cents per share. Analysts polled by Refinitiv had expected earnings of 9 cents per share.<\/p>\n<p>Total revenue grew by 27% to $1.41 billion from $1.11 billion a year ago, also outpacing estimates of $1.27 billion.<\/p>\n<p>Petco&#x27;s same-store sales rose 28% from a year ago.<\/p>\n<p>Petco said it gained 1.2 million net new customers during the quarter, which is a multiyear high.<\/p>\n<p>&quot;The category acceleration combined with a strengthening of our customer base give us confidence to raise our full year guidance,&quot; Coughlin said.<\/p>\n<p>The retailer expects revenue this year to be between $5.48 billion and $5.58 billion, up from a prior forecast of $5.25 billion to $5.35 billion.<\/p>\n<p>Its outlook for earnings was lifted to a range of 73 cents to 76 cents per share, from a previous forecast of 63 cents to 66 cents per share.<\/p>\n<p><em>Correction: Petco beat Wall Street&#x27;s earnings expectations.<\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/05\/20\/petco-q1-2021-earnings.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Petco beat Wall Street&#x27;s expectations for its first-quarter earnings. The company raised its forecast for this year. Petco&#x27;s same-store sales rose 28% from a year [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":114682,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Petco shares fall despite better-than-expected earnings and increased forecast - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/petco-shares-fall-despite-better-than-expected-earnings-and-increased-forecast\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Petco shares fall despite better-than-expected earnings and increased forecast - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Petco beat Wall Street&#x27;s expectations for its first-quarter earnings. 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