Petco Stock Jumps as Q3 Results Beat Estimates | Global News Avenue

Petco Health + Wellness (latitudeShares of the pet products retailer rose 5% in premarket trading after the company reported better-than-expected quarterly results and narrowed its losses.

The company reported an adjusted net loss of $0.02 per share, down from a loss of $0.05 per share a year earlier. It was also below the consensus loss of $0.04 per share expected by analysts polled by Visible Alpha.

Third-quarter revenue of $1.51 billion also exceeded expectations of $1.5 billion.

Petco also forecast fourth-quarter net income of $1.55 billion and adjusted earnings per share of $0.00 to $0.02.

Pet products company on track to achieve ‘solid’ growth by end of 2024, CEO says

“Our third quarter results demonstrate that we are making meaningful progress in strengthening our retail fundamentals to drive sustainable profitable growth,” Chief Executive Officer (CEO) Joel Anderson said in the document.

He added: “While there is more work to be done, our improving performance reinforces our belief that we are on the right path to position Petco to win in the long term.”

Anderson said the company was confident of achieving “solid results” this year.

Petco’s stock price has been at wild ride This year, in part because meme stocks hero”growling kitten”, aka Keith Gill. So far this year, their shares are up about 50% as of Thursday.