Investing.com — Petco (NASDAQ:WOOF) 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:CHWY) fell almost 3%. That company has yet to turn a profit despite seeing strong sales growth throughout the pandemic.