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:
-
- Raising $26 million
- Reuniting nearly 18,000 pets with their families thanks to
Petco Love Lost
- Providing shelters and animal welfare organizations with
$9 million in grants
- 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.
Media Contact:
Ventura Olvera
ventura.olvera@petco.com
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SOURCE Petco Health and Wellness Company, Inc.