Petco Health & Wellness Inc. shares WOOF, +0.19% slid 6% in premarket trade Wednesday, after the pet health and care company posted weaker-than-expected second-quarter earnings and offered guidance that lagged estimates. The San Diego, Calif.-based company had net income of $14.346 million, or 5 cents a share, for the quarter, down from $75.111 million, or 28 cents a share, in the year-earlier period. Adjusted per-share earnings came to 19 cents, below the 22 cent FactSet consensus. Sales rose 3% to $1.481 billion from $1.435 billion, but also missed the $1.495 billion FactSet consensus. Chief Executive Ron Coughlin said the pet category “remains resilient” against economic volatility and the company is working to expand its vet network and capabilities. The company is now expecting full year adjusted EPS of 77 cents to 81 cents on sales of $5.975 billion to $6.05 billion. The FactSet consensus is for EPS of 89 cents and revenue of $6.107 billion. Shares have fallen 20.5% in the year to date, while the S&P 500 SPX, -0.22% has fallen 13%.
