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Petco posts ¡®record¡¯ Q1

May 27, 2021
Continuing to profit from the COVID boom, the retailer reported its tenth consecutive quarter of growth.

The company’s net revenue increased 27% to $1.4 billion (€1.15 billion). And it reported a positive net income of $6.1 million, compared to a loss of $33.4 million (€27.4 million) in Q1 of 2020.

In the first quarter alone, Petco added some 1.2 million net new customers, marking its third consecutive quarter of adding at least 1 million.

"We're attracting new customers and gaining market share in a growing category through our unique end to end health and wellness ecosystem," Chairman and CEO Ron Coughlin said in a statement. "There are more pets in homes than ever and the 1.2 million net new customers we gained in the quarter is a multi-year high, that provides an annuity for years to come. The category acceleration combined with a strengthening of our customer base give us confidence to raise our full year guidance."

The retailer's digital revenue grew 21% during the period, while its services and vet revenue grew 63%.

The company also reduced its debt in the quarter by 52% to $1.7 billion (€1.39 billion). This reduction comes from the proceeds generated from its initial public offering, recapitalization related to the IPO and free cash flow generation.

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