Petco reported $1.4 billion in net revenue (a 15-percent YOY increase) in its third-quarter earnings report, released on Nov. 18, 2021. This represents the company's sixth consecutive quarter of double-digit growth.
"Our focus on long-term, sustainable growth is powered by continued execution against our transformation, with one of the fastest veterinary expansions in history, further enhancement of our digital competitive advantages, expansion of our merchandise differentiation through powerful owned and exclusive brands, and our incredible Petco Partners who are improving more and more pet lives every single day in a challenging environment," said Ron Coughlin, Chairman and CEO of Petco.
Other highlights from the third-quarter earnings report include:
• Adjusted EBITDA increased 17% YOY.
• Pet Care Center revenue increased 11% YOY, and 21% on a two-year basis.
• Services and vet revenue grew 24% YoY, and 38% on a two-year basis.
• Digital revenue grew 32% YoY, and 159% on a two-year basis.
• Total active customers grew by 830,00 to reach 23.5 million.
• Recurring customer revenue increased 60%.
• Capital expenditures totaled $164 million, including investments in digital capabilities, construction of vet hospitals, supply chain improvements.