Petco Health and Wellness Co.’s full-year 2021 net revenue increased 18% or $886.9 million to $5.8 billion, company officials reported. Net income improved $190.9 million from the prior year to $164.4 million or $0.62 per share.
The company has released its financial results for the fourth quarter and fiscal year 2021.
“Our results for the quarter and full year demonstrate that our focus on long-term sustainable growth, fueled by continuous delivery against our strategic growth opportunities, is working,” said Ron Coughlin, president and chief executive officer of Petco. “We enter this exercise as a company stronger than ever. Our category remains strong and resilient; our competitive trenches are deepening and our world-class team is executing to deliver goal-driven performance. With an integrated omnichannel infrastructure, a robust service offering including 197 veterinary hospitals and millions of net new customers, we are well positioned to generate increased long-term shareholder value.
Petco had net revenue of $1.5 billion, up 13% from a year earlier, in the fourth quarter of 2021, ended Jan. 29, officials reported. Net earnings improved $35.2 million from the prior year to $29.0 million or $0.11 per share.
Adjusted net income for the fourth quarter increased $38.2 million to $75.1 million or $0.28 per share, up $0.11 or 65% from a year ago , while adjusted EBITDA increased by $23.6 million or 16% year-on-year to $172.2 million.
Adjusted net income for the year increased $183.0 million from a year ago to $241.1 million or $0.91 per share, while adjusted EBITDA increased 107 .1 million or 22% over the previous year to reach $591.5 million.
Additionally, total debt remained roughly flat through 2021 at $1.7 billion, with net debt improving from $72.9 million to $1.5 billion on the back of a cash flow. net cash from operations of $358.2 million and free cash flow of $119.1 million, up 33% and 9%, respectively, from the year. year 2020. Throughout 2021, Net Debt / LTD Adjusted EBITDA decreased by 22% or 0.7x to 2.5x due to free cash flow generation and growth in adjusted EBITDA.
Highlights of the fourth quarter of fiscal 2021:
Unless otherwise indicated, comparisons are to the fourth quarter of 2021 ended January 29, 2022 and the fourth quarter of 2020 ended January 30, 2021.
- Net sales increased 13% to $1.5 billion, driven by comparable sales growth of 14%
- Net income increased $35.2 million to $29.0 million or $0.11 per share
- Adjusted net income increased $38.2 million to $75.1 million or $0.28 per share
- Adjusted EBITDA increased by $23.6 million to $172.2 million
Fiscal 2021 Highlights:
Unless otherwise indicated, comparisons relate to the 2021 financial year ended January 29, 2022 and the 2020 financial year ended January 30, 2021.
- Net sales increased 18% to $5.8 billion on comparable sales growth of 19%
- Net income increased $190.9 million to $164.4 million or $0.62 per share
- Adjusted net earnings increased $183.0 million to $241.1 million or $0.91 per share
- Adjusted EBITDA increased by $107.1 million to $591.5 million
- Net cash from operating activities increased by $89.6 million to $358.2 million
- Free cash flow increased by $10.1 million to $119.1 million
- Total debt increased by $27.3 million to $1.7 billion
- Net debt decreased by $72.9 million to $1.5 billion
- Net debt1 / Adjusted EBITDA1 improved by 0.7, to 2.5x
- Completed 2021 with 1,433 pet care centers in the United States and Puerto Rico, 197 full-service veterinary hospitals in pet care centers, and 108 pet care centers in Mexico
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