Stocks

Petco Reports Strong Sales Amid Pandemic Puppy Love By Investing.com

© Reuters

By Christiana Sciaudone

Investing.com — Petco (NASDAQ:) reported huge sales growth thanks to an increase in pet adoptions amid the pandemic, as we sought love in our solitude.

Fourth quarter revenue jumped 16%, with digital sales up more than 90% and 1 million new customers added, the company said in a statement. Shares were trading slightly higher. 

Petco went public in January, and this is its first report as a traded company. It expects revenue for fiscal 2021 of between $5.25 billion and $5.35 billion, with net income of 63 cents to 66 cents, the company said in a statement.

Rival Chewy (NYSE:) fell almost 3%. That company has yet to turn a profit despite seeing strong sales growth throughout the pandemic.

 

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