Petco Shares Surge on Profit Beat and Second Consecutive Quarter of Sales Growth
Source Summary
Petco Health & Wellness Co. shares rose as much as 14% in postmarket trading after reporting profit above Wall Street expectations. The pet supply retailer achieved comparable sales growth for the second consecutive quarter, reversing a year of prior declines. The company's Services and Auto-Ship sales also grew during the period.
Why it matters
The results demonstrate Petco's successful turnaround after a year of declining sales, signaling improved operational performance and investor confidence in the company's strategy.
