Petco Health and Wellness Company, Inc. announced its fourth quarter and full year 2024 financial results. For Q4 2024, net sales decreased by 7% year-over-year to $1.55 billion, with product sales down 8% and services and other down 5%. The GAAP net loss improved to $13.8 million, or $(0.05) per share, from $22.6 million, or $(0.08) per share, in Q4 2023.
For the full year 2024, total net sales were $6.116 billion, a 2% decrease from $6.255 billion in 2023. The GAAP net loss for the full year was $101.8 million, or $(0.37) per share, a significant improvement from a loss of $1.28 billion, or $(4.78) per share, in 2023. Operating income for the full year was $7.051 million, compared to an operating loss of $1.180 billion in 2023.
Petco provided full-year 2025 guidance, expecting net sales to be down low single digits year-over-year, with Adjusted EBITDA projected between $375 million and $390 million. The company anticipates approximately $130 million in net interest expense and $130-140 million in capital expenditures. Petco also plans for 20 to 30 net store closures in 2025.
For the first quarter of 2025, Petco expects net sales to be down low single digits year-over-year and Adjusted EBITDA between $82 million and $83 million. CEO Joel Anderson stated that the results demonstrate progress in returning Petco to retail operating excellence and expressed confidence in the new leadership team to deliver double-digit adjusted EBITDA improvement in 2025.
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