$Petco Health and Wellness (WOOF.US)$) plunged nearly 30% Wednesday after the pet-store chain missed analyst estimates for Q3 sales and adjusted earnings per share and issued weaker forward guidance.

WOOF sank as much as 28.3% to a record-low $2.75 intraday after the company reported before the bell that its Q3 sales fell 0.5% year over year to $1.494 billion, missing analysts' consensus estimate of $1.51 billion.

The company also unveiled an adjusted loss per share of $0.05, missing the analyst consensus for $0.02 in earnings.

"Our third quarter results were below our expectations as we continue to navigate a challenging consumer environment," Petco CEO Ron Coughlin said in releasing the numbers.

Growth in the company's consumables and services and other business partly offset a drop in the company's supplies and companion-animal unit, which fell 8.8% vs. Q3 2022's results.

Adjusted EBITDA also came in at $72.2 million -- lower than $120.2 million a year earlier. Meanwhile, operating cash flow dropped to $34.4 million compared to $109.4 million in the prior year's same period.

Separately, Petco reiterated net-revenue guidance of $6.150 billion-$6.275 billion for fiscal-ear 2023 as a whole. That came in on the low end or below analysts' previous $6.25 billion consensus estimate.

The company also slashed its fiscal-year 2023 adjusted EPS outlook to $0.08 from management's prior $0.24-$0.30 forecast. The new guidance is well below analysts' previous $0.27 estimate.

WOOF also cut guidance on FY2023 adjusted EBITDA to approximately $400 million vs. the $460 million-$480 million it had previously forecast.

However the company said it plans to outline an "operational reset of the business, focusing on increasing profitability and competitive positioning." WOOF added that it continues to expect to achieve $40 million in savings in the first year of a "cost-action plan" that the chain unveiled in Q2.