Petco Health and Wellness Company, Inc. (NASDAQ:WOOF) Q1 2023 Earnings Call Transcript May 24, 2023 8:00 AM ET
Company Participants
Cathy Yao - Vice President, Investor Relations
Ron Coughlin - Chief Executive Officer
Brian LaRose - Chief Financial Officer
Conference Call Participants
Oliver Wintermantel - Evercore ISI
Peter Benedict - Robert W. Baird
Steven Forbes - Guggenheim Securities
Kate McShane - Goldman Sachs
Seth Basham - Wedbush Securities
Anna Andreeva - Needham & Company
Zachary Fadem - Wells Fargo
Steven Zaccone - Citigroup Inc
Greg Sommer - Gordon Haskett
Michael Lasser - UBS
Simeon Gutman - Morgan Stanley
Operator
Good morning, and welcome to Petco's First Quarter 2023 Earnings Conference Call. [Operator Instructions]. Please note this event is being recorded.
I would now like to turn the conference over to Cathy Yao, Vice President of Investor Relations. Cathy, you may begin.
Cathy Yao
Good morning, everyone, and thank you for joining Petco's first quarter 2023 earnings conference call. In addition to the earnings release, there is a presentation and infographic available to download on our website at ir.petco.com, summarizing our first quarter 2023 results.
On the call with me today are Ron Coughlin, Petco's Chief Executive Officer; and Brian LaRose, Petco's Chief Financial Officer. Before they begin, I would like to remind you that on this call, we will make certain forward-looking statements, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from such statements. These risks and uncertainties include those set out in our earnings materials and our SEC filings.
In addition, on today's call, we will refer to certain non-GAAP financial measures. Reconciliations of these measures can be found in our earnings release and our presentation as well as in our SEC filings. And finally, during the Q&A portion of today's call, we ask that you please keep to one question and one follow-up.
With that, let me turn it over to Ron.
Ron Coughlin
Thank you, Cathy. Good morning, everyone. We appreciate you joining us today. In Q1, Petco delivered its 18th consecutive quarter of comp sales growth, up 5% with revenue growth also up 5%, and we achieved our 12th consecutive quarter of brick-and-mortar growth. These results demonstrate the successful execution of our strategy through the current environment, the ongoing resilience of both the pet category and the secular trends of humanization and premiumization, and Petco's continued delivery of purpose-driven performance.