Why Petco Stock Was Down on Wednesday
Petco (NASDAQ: WOOF) stock fell harder than the market on Wednesday. Shares of the pet supply retailer were down 12% by 1 p.m. ET, compared to a 0.1% drop in the S&P 500. The decline put Petco into negative territory so far in 2023, down 6% compared to the 4% increase in the wider market.
It was sparked by Petco's Q4 earnings announcement and management's updated 2023 outlook.
The retailer revealed solid Q4 operating results before the market opened on Wednesday. Comparable-store sales rose 5.3% for the Q4 period that ran through late January, executives said, to mark an acceleration over the prior quarter's 4.1% increase. Petco has now grown comps for 17 consecutive quarters.
Source Fool.com
