Rooted in purpose-driven performance, Petco's commitment to meeting consumer demand for more sustainable pet products and services contributed to a net revenue increase in fiscal year 2022
SAN DIEGO, May 19, 2023 /PRNewswire/ -- Petco Health and Wellness Company, Inc. (Nasdaq: WOOF), today unveiled its third annual environmental, social and governance (ESG) report, detailing the company's progress in its commitment to continue setting the standard in responsible pet care, helping people thrive and preserving the health of our planet.
"Petco's goal of being the most trusted resource in pet care means continuing to improve lives by offering the fully integrated services and premium, sustainable products pet lovers are looking for," said Petco CEO Ron Coughlin. "Whether it's offering sustainable products and services, expanding access to pet health and wellness or making tangible progress in our diversity, equity and inclusion (DEI) efforts, we're committed to delivering on our mission while driving growth and providing long-term value to our stakeholders. I'm delighted to share how we supported these goals in 2022."
Since its inaugural ESG report, published in 2021, the success of Petco's strategy has been evidenced by financial performance and new pet parents joining the health and wellness company on its mission to improve lives. In 2022, Petco increased its net revenue by 3.9% to $6 billion — in addition to an 18% increase the previous year — and added around 1 million active customers to its base.
Highlights from Petco's 2022 ESG report and other achievements thus far include:
Preserving the health of our planet
More than 6 million single-use plastic polybags eliminated from its owned-brand supply chain
Ranked among the top 12% of North American retail companies in the S&P Global Corporate Sustainability Assessment (CSA) — the first time Petco placed on the CSA
95% of Petco pet care center signage was printed on more sustainable materials
Produced approximately 780 MWh of electricity a year through solar panels at its national support center
Ranked 11th among retailers in Newsweek's "America's Most Responsible Companies 2023"
Helping people thrive
Increased representation of people of color among new hires to 42% and maintained a strong representation of women new hires at nearly 65%
Increased every non-trainee employee's base wage to at least $15 an hour
Maintained employee healthcare benefit premiums flat for the third year in a row
Announced new investments in employee benefits including fertility care, medical travel and mental health
Expanded employee resource groups to facilitate engagement activities that increase cultural competencies, educate Petco partners (employees) on issues faced by affinity group members and deepen workplace connections
Setting the standard in responsible pet care
Became the first pet retailer in history to be awarded the American Humane Certified™ Seal of Approval
Aquacultured more than 92% of the aquatic life sold at Petco pet care centers
Through the Think Adoption First program, Petco pet care centers partnered with Petco Love to help nearly 7 million pets to date find loving new families
Supported Petco Love's mission of making communities and pet families closer, stronger and healthier by:
Became the first major pet retailer to stop selling human or bark-activated shock collars in 2020
Removed traditional rawhide options from its shelves in favor of safe and highly digestible alternatives in 2021
"By continuing to drive industry leadership through investment and innovation, we are making progress toward achieving bold commitments, like our strategy to increase our assortment of sustainable pet products to 50% by the end of 2025," said Petco Vice President of Sustainability, Francesca Mahoney. "Our sustainability strategy is in direct response to customer demand for quality, sustainable products and services that improve their pets' health and wellbeing."
To learn more about Petco's ESG commitments and progress, as well as access the company's ESG report and investor tear sheet, visit esg.petco.com.
About Petco, The Health + Wellness Co.:
Founded in 1965, Petco is a category-defining health and wellness company focused on improving the lives of pets, pet parents and our own Petco partners. We've consistently set new standards in pet care while delivering comprehensive pet wellness products, services and solutions, and creating communities that deepen the pet-pet parent bond. We operate more than 1,500 pet care centers across the U.S., Mexico and Puerto Rico, which offer merchandise, companion animals, grooming, training and a growing network of on-site veterinary hospitals and mobile veterinary clinics. Our complete pet health and wellness ecosystem is accessible through our pet care centers and digitally at petco.com and on the Petco app. In tandem with Petco Love (formerly the Petco Foundation), an independent nonprofit organization, we work with and support thousands of local animal welfare groups across the country and, through in-store adoption events, we've helped find homes for nearly 7 million animals.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, concerning expectations, beliefs, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are other than statements of historical fact. Although Petco believes that the expectations and assumptions reflected in these statements are reasonable, there can be no assurance that these expectations will prove to be correct. Forward-looking statements are subject to many risks and uncertainties, including the risk factors that Petco identifies in its Securities and Exchange Commission filings, and actual results may differ materially from the results discussed in such forward-looking statements. Petco undertakes no duty to update publicly any forward-looking statement that it may make, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority.
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SOURCE Petco Health and Wellness Company, Inc.