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Petco CEO: Culture Shift Drives Q3 Success
27 Nov
Summary
- Operating income increased over $25 million year-over-year.
- Company generated $99 million in adjusted EBITDA.
- Free cash flow exceeded $60 million in the quarter.
Petco has successfully navigated its third quarter, delivering a profitable performance in line with its strategic plan. CEO Joel Anderson reported a substantial increase in operating income, surpassing $25 million year-over-year, alongside $99 million in adjusted EBITDA and over $60 million in free cash flow, underscoring a strengthened operating model.
The company's transformation initiatives are showing significant traction, driven by a renewed focus on culture. Anderson detailed efforts to instill retail fundamental discipline and foster a 'play to win' mentality among its 30,000 partners. This cultural evolution is central to improving financial rigor and accountability.
Currently in phase two of its transformation, Petco is concentrating on enhancing profitability and building a robust foundation for future expansion. The leadership team has realigned on go-forward values, aiming to unlock long-term value and execute their 'One Petco Way' vision for customers.
