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€9M Bet on Vegan Dog Food

Plus, Lassie surpasses €50 million, Sphinx breaks Kickstarter, $100M refinancing deal, Japans billion $ pet luxury boom, and way more...

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Issue #199

June 5th, 2025

Take the bite out of rising vet costs with pet insurance

Veterinarians across the country have reported pressure from corporate managers to prioritize profit. This incentivized higher patient turnover, increased testing, and upselling services. Pet insurance could help you offset some of these rising costs, with some providing up to 90% reimbursement.

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Petco released its first quarter earnings call - here are a few highlights👇

  • Petco’s net sales dipped 2% year-over-year to $1.49 billion in Q1 2025, reflecting softness in consumables and supplies, though services sales continued to grow and partially offset the slide in product categories.

  • Adjusted EBITDA jumped $13.8 million to $89.4 million, lifting the adjusted EBITDA margin to 6.0% from 4.9% a year ago, driven by gross‐margin expansion (up 30 basis points to 38.2%) and disciplined SG&A controls.

  • The company turned a Q1 operating profit of $16.4 million (versus an operating loss in Q1 2024) and narrowed its net loss to $11.7 million—a 75% improvement—thanks to stronger profitability levers and lower restructuring costs.

  • Management reaffirmed full‐year 2025 guidance, calling for net sales down low single digits and adjusted EBITDA of $375 million–$390 million (inclusive of tariff headwinds). Q2 2025 guidance anticipates net sales down low single digits and adjusted EBITDA of $92 million–$94 million.

  • As part of its multi‐phase turnaround, Petco closed a net 5 stores in Q1 (versus 25 net closures in FY 2024) to optimize its fleet, bolstered liquidity ($617 million available), and remains focused on expanding gross margin, leveraging operational efficiencies, and prioritizing ROIC on its $1.50 billion net debt base.

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