Chewy and Petco have bet big on pet health care, which could be the key to long-term success
At Petco, where discretionary supplies and companion animals account for about 38% of sales, the category suffered a 9% decline for the full year, the company said.A Petco store in Louisville, Kentucky, U.S., on Tuesday, Aug. 23, 2022.
"Off-price retailers have a really good category and those categories continue to grow," she told CNBC."A puppy that was, you know, adopted or bought, during 2020 is now three years old. As they get older, they're only going to require more health care," said Anna Andreeva, a senior equity research analyst and managing director at Needham and Company."And I think both companies are being smart in developing those verticals.
The two companies share many similarities in the items that they sell and the customers they cater to but have taken different approaches to pet health. Petco hasn't faced the same issues because they haven't yet branched into telehealth, and all of their veterinarians practice in physical locations. However, it will take some time before the hospitals are profitable.
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