Home Earnings Why The Petco (WOOF) Stock Has Been Moving Upwards Today?

Why The Petco (WOOF) Stock Has Been Moving Upwards Today?

Stock of Petco Health and Wellness Company (NASDAQ: WOOF) has just started getting traction in pre-hours trades today. With over 1.59 million Petco stock rising 1.96% and a closing price of $23.43 on the day, WOOF stock has been buoying at $25.00 rising 6.70% today. The surge in Petco stock came following Q4 and Full Year 2020 financial results announced this morning.

Has Petco performed well in the quarter?

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Petco is at the forefront of the health and wellness industry, improving the lives of pets, their pet parents and the Petco partner. In 1965, Petco broke new ground in pet care, delivering comprehensive solutions to pet health concerns through our products and services, and creating communities that bind pet-parents closer together. Petco operates more than 1,500 locations across the U.S., Mexico, and Puerto Rico, which includes a network of more than 100 in-store veterinary hospitals that provide pet care on Petco’s website and via the Petco app.

Petco (WOOF) today released its financial results for fourth quarter and fiscal 2020 ended January 30, 2021.

For the fourth quarter 2020:

  • A 16 percent increase in net sales and a 17 percent increase in comparable sales contributed to an increase in net sales of $1.3 billion.
  • A net loss of $6.2 million or $0.03 per share was recorded for the quarter out of which $17.5 million of that loss stemmed from the WOOF’s extinguishment of debt related to its IPO.
  • Increase in Adjusted Net Income was $18.7 million which rose in the reported quarter to $37.0 million, or $0.17 per share.
  • A growth of 13 percent was achieved on adjusted EBITDA of $148.6 million.

For the full year 2020:

  • Net sales grew 11 percent, surpassing $4.9 billion, due to an 11 percent increase in comparable sales.
  • Including $17.5 million loss on debt extinguishment related to the Petco’s (WOOF) initial public offering, net loss for the year was $26.5 million or $0.13 per share
  • Net income earned for the quarter increased by $68.0 million to $58.1 million or $0.28 per share.
  • On an adjustment basis, EBITDA of WOOF rose by 14 percent in 2020 to $484 million.

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