Petco, the San Diego-based animal supply and health care retailer, announces layoffs [Breaking]
Looking to cut costs and shift strategies to become more competitive in the tight pet care and pet supply market, Petco announced it is laying off 56 workers at its San Diego headquarters.
Pandemic pets — animals adopted by people during the COVID-19 social distancing era to allay loneliness and boredom — have led to increased demand for pet supplies. In a statement about its first quarter performance, Petco reported a drop in net income and cash flow year over year: net income decreased $21.4 million to $14.9 million year over year, and its operating cash flow fell 34.5 percent. However, its net revenue increased 5.4 percent year over year, to $1.56 billion. Its sales grew almost on par — 5.1 percent., Petco drew a direct link between inflation, decreased consumer spending and its profits.
“Major competitors have sought to gain or retain market share by reducing prices or by introducing additional products or services, which may require us to reduce prices on our key products or services or introduce new offerings in order to remain competitive, and negatively affect our profitability and require a change in our operating strategies.”
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