Why Petco Health (WOOF) Shares Are Sliding Today - Petco Health and Wellness (NASDAQ:WOOF)

Petco Health And Wellness Company Inc's WOOF Q2 sales increased 3.2% Y/Y to $1.48 billion, missing the consensus of $1.49 billion. Comparable sales growth was 3.8%.
The gross profit dipped 1% to $594.5 million, with margins compressing from 41.8% to 40.1%.
The operating income fell 32% to $50 million, and the operating margin decreased from 5.1% to 3.4%.
Adjusted EPS was $0.19, below the consensus of $0.23 and $0.25 a year ago.
Adjusted EBITDA decreased 8.5% to $141.9 million with an adjusted EBITDA margin of 9.6%.
Petco launched a WholeHearted Fresh Recipes line offering frozen nutrition for dogs.
Outlook: Petco Health expects FY22 sales of $5.975-$6.05 billion, down from the previous estimate of $6.15-$6.25 billion and the consensus of $6.13 billion.
The company expects FY22 adjusted EPS of $0.77-$0.81, down from the previous outlook of $0.97 - $1.00 and the consensus of $0.90.
Price Action: WOOF shares are down 5.61% at $14.85 during the premarket session on the last check Wednesday.
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Petco Health Disappoints With Smaller Than Expected Q2 Profits, Annual Guidance