By Sam Boughedda
Investing.com -- Petco (NASDAQ:WOOF) reported its first-quarter earnings on Tuesday. The stock posted better-than-expected comparable-store sales, causing its shares to initially surge before falling 1%.
The pet retail company posted revenue of $1.48 billion compared to the $1.46 billion predicted by analysts. This represented a 4.3% increase from the prior year's quarter. Meanwhile, adjusted earnings per share of $0.17 were enough to beat forecasts of $0.15.
Revenue was aided by a 5.1% growth in comparable sales on top of its record comparable sales growth reported a year ago.
"Petco's strong Q1 results were driven by our incredible team's 'no excuses' execution approach, a pet category that continues to surge, and the power of our one-of-a-kind end to end offering that now includes over 200 fully owned veterinary hospitals," said Ron Coughlin, CEO of Petco.
Coughlin added that they are confident they will "continue delivering growth" after reporting their 14th consecutive growth quarter.
Furthermore, Petco reiterated its 2022 guidance, with revenue of $6.15 billion to $6.25 billion and earnings per share expected to be between $0.97 to $1.