Petco falls on Q2 loss as low pet product demand hurts

Petco Health and Wellness

24/08/2023 12:44

** Shares of Petco Health and Wellness Co Inc  WOOF.O  fall
13.8% to $5.64 premarket 
    ** Co posts Q2 net loss of $14.6 mln, or 5 cents/share,
compared with net income of $13.5 mln, or 5 cents a share, a
year earlier
    ** Analysts on an average expected profit of 1 cent/ share
for the quarter
    ** The shift in consumer spending has pressured the business
as demand for pet products fall
    ** Co estimates annualized gross run rate cost savings of
$150 mln by the end of fiscal 2025
    ** Seven of 13 brokerages rate the stock "buy" or higher,
six "hold"; their median PT is $10
    ** Up to Wednesday's close, stock had fallen 31% YTD

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