Petco Health and Wellness Company, Inc. (NASDAQ: WOOF) has announced that its revenue increased by 7% to $5.3 billion compared to the previous year. Its gross profit margin also grew by 2% to 35.8%. Additionally, the company's net income saw a substantial rise of 43% to $128 million, and its EBITDA margin improved by 4% to 9.6%.
Furthermore, Petco's digital sales surged by 28% year-over-year, reaching $1.2 billion, and now account for 23% of its total revenue. The company's customer loyalty program, which boasts 19 million active members, contributed to 70% of its sales.
Petco's total store count expanded by 5% to 1,500 locations, and it opened 50 new veterinary hospitals during the period, bringing the total to 140. The company's mobile veterinary clinics also increased to 65, showcasing a 25% growth.
In terms of its financial position, Petco reduced its long-term debt by 12% to $2.3 billion, and its cash and cash equivalents stood at $450 million, representing a growth of 8%.
These strong financial and operational results indicate Petco's continued growth and success in the health and wellness industry. Today the company's shares have moved -2.0% to a price of $2.5. Check out the company's full 8-K submission here.
