Petco to go public amid rising pet sales during COVID-19 era
Petco has filed paperwork with the Securities and Exchange Commission to go public amid a rise in pet ownership during the coronavirus pandemic.
In just the first 10 months of 2020, Petco says it has seen sales reach $3.58 billion, increasing by more than 9 percent from 2019.
“Particularly during these challenging times, pets are an important source of comfort and joy. Studies show that over 3.3 million pets entered U.S. households this year alone and we look forward to feeding, training, grooming, equipping, and providing world-class veterinary care for many of these new family members for years to come,” Petco Chief Executive Officer Ron Coughlin said in a statement.
The pet retail giant estimates that pet ownership in the United States is set to increase by 4 percent this year, which would result in an almost $4 billion demand for pet products.
Petco, which will join the Nasdaq using the symbol “WOOF,” according to the S-1 filing, has more than 1,400 locations nationwide and was last publicly traded in 2006, according to The Washington Post, which initially reported the filing.
“I’m incredibly proud of the journey Petco is on, and I’m grateful and humbled to be part of the family that’s orchestrated Petco’s resurgence as the only comprehensive health and wellness company for pets. As you dig in here, you’ll learn why I’m confident this is just the beginning, and why I believe our future is brighter than ever,” Coughlin said in the statement.