Petco Stock Jumps After Q2 Earnings Beat Estimates

Benzinga

Petco Health and Wellness Company posted fourth-quarter earnings of five cents per share, topping the Street estimate for a one-cent loss, according to Benzinga. Revenue came in at $1.48 billion, slightly below consensus estimates of $1.49 billion and down from $1.52 billion last year. Net sales of $1.5 billion declined 2.3% year-over-year, while comparable sales fell 1.4%. Gross profit margin expanded about 120 basis points to 39.3%. Operating income rose to $43 million, an improvement of $40.6 million. CEO Joel Anderson said the results laid a solid foundation for transformation and allowed Petco to raise its full-year earnings outlook. Shares rose 17.96% in after-hours trading on Thursday.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:03Tesla is facing fresh skepticism over its self-driving push

00:06after a new survey showed more consumers view the technology as a drawback

00:10rather than a selling point, according to CNBC.

00:13The Electric Vehicle Intelligence Report from Slingshot Strategies,

00:17based on 8,000 respondents,

00:19found only 14% said Tesla's full self-driving, supervised feature

00:23made them more likely to buy the brand.

00:26Another 35% said it made them less likely,

00:28while nearly half of consumers surveyed said FSD should be illegal.

00:33The findings come as Tesla weathers a 40% sales drop in Europe in July,

00:37its seventh straight monthly decline.

00:40The company faces an aging lineup, rising competition,

00:43reputational damage tied to Elon Musk's politics,

00:46and recent product liability lawsuits.

00:49While Musk has said Tesla's future depends on autonomous driving,

00:52the company still leans heavily on EV sales for revenue

00:55and is trailing rivals like Waymo and Baidu in the robo-taxi race.

01:00For all things money, visit Benzinga.com.

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