Petco Health and Wellness Company, Inc. (NASDAQ: WOOF), a prominent pet retailer, reported a net loss of $46.48 million, or $0.17 per share, for the first quarter on Wednesday. This marks a significant increase from the net loss of $1.89 million, or $0.01 per share, in the same quarter of the previous year. The widening loss is primarily attributed to a decline in revenue.
Excluding one-time charges, Petco recorded an adjusted loss of $11.80 million, or $0.04 per share, compared to a net income of $14.91 million, or $0.06 per share, in the previous year. Analysts surveyed by Thomson-Reuters had, on average, anticipated a loss of $0.07 per share for the quarter. Typically, these analyst estimates do not account for special items.
Revenue for the quarter decreased to $1.529 billion, down from $1.556 billion during the same period last year. This was slightly above the consensus estimate, which projected revenue at $1.51 billion.
For the upcoming second quarter, Petco forecasts an adjusted loss per share of approximately $0.02 with revenue expected to be around $1.525 billion. Analysts are predicting the company to report a loss of $0.02 per share on revenue of $1.52 billion for the quarter.
