Petco Health and Wellness Co. hit record results for its first quarter, which ended May 1, according to company officials. The San Diego-based retailer reported net revenue of $1.4 billion, up 27 percent from the year-ago period with comparable sales growth of 28 percent. Petco also delivered 30 percent comparable sales growth on a two-year stack, marking the 10th consecutive quarter of growth for the company, according to officials.
“We entered 2021 with momentum, and delivered record quarterly sales in Q1 driven by our strong execution and unique model across digital and in our Pet Care Centers,” said Ron Coughlin, chairman and CEO of Petco. “We’re attracting new customers and gaining market share in a growing category through our unique end to end health and wellness ecosystem. 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.”
Petco ended the quarter with 1,453 Pet Care Centers, 137 Full Service Vet Hospitals within Pet Care Centers and 100 Pet Care Centers in Mexico.
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