Petco Tumbles Nearly 30% to Record Low on Downbeat Q3 Earnings and Guidance

Benzinga ·  11/30/2023 01:30

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

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