Sam Boughedda

Investing.com — Petco (NASDAQ:) reported its first-quarter earnings on Tuesday. It posted higher-than-expected comparable store sales which caused its stock to surge in the first quarter before plummeting 1%. 

An analyst predicted $1.46 billion. The $1.48 million pet store was more than the actual $1.48. The quarter ended in April saw a 4.3% rise over the previous year. Enough earnings per share to surpass forecasts by $0.15 were achieved with adjusted earnings of $0.17 

The 5.1% increase in comparable sales, on top of the record-breaking comparable sales growth a year earlier, helped to boost revenue. 

Ron Coughlin is CEO of Petco.

Coughlin stated that after reporting the 14th consecutive quarter of growth, they were confident that they would “continue to deliver growth”.

Petco reiterated their 2022 forecasts, with revenues of $6.15- $6.25billion and earnings per share of between $0.97-1.