Petco Adds Value Brands to Selection in Bid to Strengthen Business
- Shares tumble as much as 23% following quarterly results
- Retailer is moving to trim out ‘slower-moving’ brands
A pedestrian walks a dog past a Petco store in New York.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
Petco Health & Wellness Co. said it’s going through an operational reset to boost its appeal with shoppers and better manage costs after the pet retailer’s quarterly results missed estimates.
This includes making changes to its selection of brands. Petco “took out some brands that were slower-moving,” Chief Executive Officer Ron Coughlin in the company’s third quarter earning call, predicting this “should make our shelves more productive.”