On July 8, 2020, shares of Petco Health and Wellness Company (NASDAQ: WOOF) dropped by 6.73% to close at $24.48 per share.
The drop comes as the company announced its second-quarter results, which disappointed investors and caused the stock to fall.
For the second quarter, Petco reported revenue of $1.21 billion, which was below the $1.23 billion that analysts were expecting.
The company also reported a loss per share of $0.04, which was wider than the $0.01 loss that analysts were expecting.
So, what caused Petco’s stock to drop?
There are a few reasons why Petco’s stock may be dropping. First, the company’s second-quarter results were weaker than expected, which caused the stock to fall.
Second, the company is facing competition from other pet retailers, such as Amazon (AMZN) and Chewy (CHWY). Finally, the coronavirus pandemic has caused many people to reconsider their spending, which could impact Petco’s business going forward.