Petco falls after slashing 2023 profit forecast

Petco Health and Wellness

29/11/2023 12:50

** Shares of Petco Health and Wellness  WOOF.O  fall 13.5%
to $3.32 in premarket trading
    ** Animal health products maker cuts its 2023 adj EPS
outlook for the second time this year, due to weakness in its
pet health business
    ** "Our third quarter results were below our expectations as
we continue to navigate a challenging consumer environment" -
CEO Ron Coughlin
    ** Co now forecasts adj EPS of about 8 cents from its
previous forecast of 24 cents to 30 cents
    ** WOOF's Q3 adj loss of negative 5 cents/shr miss LSEG
estimates of profit of 2 cents/shr 
    ** WOOF shares have been under pressure this year as a shift
in consumer spending leads to sluggish demand for pet products
    ** Petco stock down 59.5% YTD

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))