WOOF - Why Petco Stock Was Down This Week
2023-05-26 09:03:00 ET
Petco Health and Wellness (NASDAQ: WOOF) shareholders lost ground to the market this week. Their stock dropped 17% through Thursday trading, according to data provided by S&P Global Market Intelligence . That's compared to a 1% decline in the S&P 500 . The pet supply retailer's shares are now down 15% so far in 2023 compared to an 8% increase in the wider market.
Petco's weekly slump was powered by an earnings report that left investors wanting more.
Petco on Wednesday announced that comparable-store sales rose for the 18th consecutive quarter, increasing 5% in the first quarter. That result met management's short-term forecast and amounted to a 10% increase over the past two years. But the boost also reflected slowing demand trends in the pet supply industry. And pet owners are tilting their spending away from discretionary items to focus on essentials like food.
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Why Petco Stock Was Down This Week