Petco Health and Wellness Company, Inc. (WOOF) posted a third quarter GAAP net loss of $1.2 billion, or $4.63 per share, reflecting a $1.2 billion non-cash goodwill impairment charge associated with goodwill originally recorded in 2015, compared to GAAP net income of $19.9 million, or $0.07 per share in the prior year. Adjusted loss per share was $0.05, compared to profit of $0.11. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.02, for the quarter. Analysts’ estimates typically exclude special items.

Third quarter net revenue was $1.49 billion, decreased 0.5 percent year-over-year. Analysts on average had estimated $1.51 billion in revenue.

“Our third quarter results were below our expectations as we continue to navigate a challenging consumer environment and we are taking swift and decisive action to improve the performance of our business by broadening our appeal with customers and tightly managing costs and capital,” said Petco CEO Ron Coughlin.

For fiscal 2023, the company now expects adjusted EPS of approximately $0.08. Net revenue is projected in a range of $6.150 billion to $6.275 billion.

Shares of Petco Health and Wellness are down 13% in pre-market trade on Wednesday.

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Original: RTT – Earnings: Petco Health And Wellness Company Posts Adj. Loss In Q3