BTCC
/
BTCC Square
/
Global Cryptocurrency
/
Petco Stock Surges on Earnings Beat Despite Sales Decline
Petco Stock Surges on Earnings Beat Despite Sales Decline
20
3
BTCCSquare news:
Petco's stock soared nearly 24% Friday as investors cheered a stronger-than-expected Q2 earnings report. The specialty retailer flipped to a $14M GAAP profit ($0.05/share) from a year-ago loss, handily beating the $0.01 consensus estimate.
While net sales dipped 2% YoY to $1.5B, the figure slightly exceeded analyst projections. CEO Joel Anderson touted progress in the company's transformation, noting improved fundamentals and economic model strengthening during H1 2024.
The earnings beat was accompanied by raised EBITDA guidance, further fueling investor optimism. Market sentiment overcame concerns about a 1.4% decline in comparable sales, focusing instead on the profitability turnaround.
By:
