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Petco Health and Wellness Company Inc. (WOOF-1.35%) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $1.51 billion from $1.49 billion in the same quarter the previous year. The increase is attributed to higher sales in consumables and services.
Gross profit for the quarter was $575.8 million, up from $550.0 million in the previous year, with the gross profit rate improving to 38.1% from 36.8%.
Selling, general, and administrative expenses increased to $571.8 million from $559.6 million, primarily due to higher payroll and benefits costs.
The company reported an operating income of $4.0 million for the quarter, compared to an operating loss of $1,232.1 million in the previous year, which included a goodwill impairment charge.
Net loss attributable to Class A and B-1 common stockholders was $16.7 million, compared to a net loss of $1,241.1 million in the previous year.
Cash provided by operating activities was $81.7 million, while cash used in investing and financing activities was $89.5 million and $7.8 million, respectively.
Petco had a liquidity of $644.3 million as of November 2, 2024, including cash and cash equivalents of $116.7 million and $527.6 million of availability on its revolving credit facility.
The filing also discusses the company's strategic initiatives and market risks, including interest rate fluctuations and supply chain constraints.
Petco continues to focus on expanding its veterinary services and enhancing its digital capabilities to meet the needs of pet parents.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Petco Health and Wellness Company Inc. quarterly 10-Q report dated December 6, 2024. To report an error, please email earnings@qz.com.