Petco Health and Wellness Company, Inc. announced its third quarter 2024 financial results, reporting net revenue of $1.51 billion, an increase of 1.2% compared to the prior year. This figure surpassed analyst consensus estimates of $1.50 billion. The consumables business grew by 2.7% and services and other business by 5.0% year-over-year, offsetting a 2.8% decline in supplies and companion animal business.
The company reported a GAAP net loss of $16.7 million, or $(0.06) per share, a significant improvement from a GAAP net loss of $1.2 billion, or $(4.63) per share, in the prior year, which included a $1.2 billion non-cash goodwill impairment charge. Adjusted Net Income was $(6.5) million, or $(0.02) per share, compared to $(14.5) million, or $(0.05) per share, in the prior year. Adjusted EBITDA increased to $81.2 million from $72.2 million in the prior year.
For Fiscal Q4 2024, Petco provided guidance expecting net revenue of approximately $1.55 billion and Adjusted EBITDA between $90 million and $95 million. The company also anticipates Adjusted EPS between $0.00 and $0.02. Full-year 2024 guidance includes net interest expense of approximately $140 million and capital expenditures of approximately $130 million.
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