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Paying Down Debt Has Petco Profits Soaring

TheMotleyFool

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Paying Down Debt Has Petco Profits SoaringPhoto, wide shot, wide-angle lens, Grocery store, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.midjourneyapi.xyz/temp/9a6c3fc6-53ff-4c6e-848b-263660ac3eb0.png

Profits are soaring for the pet retailer Petco Health and Wellness (NASDAQ: WOOF). The company reported fourth-quarter and full-year 2021 results on March 8, and they were an inflection point.

The company was positive on the bottom line for both the quarter and a full year for the first time in its young history as a public company. The retailer is benefiting from a boom in pet spending since the onset of the pandemic and has used funds it received from its initial public offering (IPO) to pay down debt.

Image source: Getty Images.

Source Fool.com

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