On this page of StockholderLetter.com we present the latest annual shareholder letter from Petco Health & Wellness Company, Inc. — ticker symbol WOOF. Reading current and past WOOF letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report

Dear Fellow Shareholders, 2025 will mark Petco s 60th anniversary a milestone that reminds our over 29,000 partners of our deep heritage, the trust we ve earned from generations of pet parents, and the opportunity ahead to strengthen our iconic brand. Our mission to improve the lives of pets and pet parents remains the heart of our business. Joel D. Anderson Chief Executive Officer Since beginning my role as Petco s CEO last year, one of my main priorities has been listening to and learning from our customers and partners across all facets of our business. My confidence in the power and potential of the Petco brand has only grown stronger over these past several months, and I am deeply optimistic about the road ahead. 2024 was a year of stabilization for Petco. We are grounded in our mission and renewed in our focus. While there is more work ahead, I m encouraged by the early momentum underway and our detailed, phased strategy to return the business to sustainable, profitable growth.
Executing a Multiphase Turnaround Strategy Shortly after joining Petco, we established a three-phase strategy to unlock our full potential: Phase One: Strengthen the foundation and stabilize profitability Beginning in the second half of fiscal 2024, we took action to strengthen our retail fundamentals. This work centered on restoring core operating disciplines, improving the shopping experience in our pet care centers, and building the right leadership team to guide our transformation. Culture, accountability, and operational transparency have been central themes. These actions are designed to identify new ways to elevate the Petco brand. We built out a seasoned leadership team with proven track records of retail excellence to enable change, accelerate key initiatives we are undertaking, and better position Petco for the future. I ve seen firsthand the passion and expertise that defines the Petco partner community. With this collective energy and the guidance of our complete leadership team, I have great confidence in our ability to deliver on Petco s full potential. Phase Two: Implement and execute for operational improvement With a strengthened foundation in place, and a seasoned leadership team, our attention is quickly turning toward implementation and execution. This work is ongoing and gaining traction: Enhanced merchandising: Through my decades in retail, I ve consistently seen that if we present customers with unique, trendright products at a compelling value proposition, we ll accelerate our return to retail excellence. With this in mind, we have been in the process of optimizing our
assortment to more closely align with consumer demand, which is especially critical at a time when consumers are more choiceful in their purchasing. We are also improving how our products show up to customers. Utilizing a data-driven approach, we are allocating more of our focus and shelf space to top-selling brands and high-velocity SKUs. I m pleased with our progress to date and look forward to you seeing this work come to life in our stores and online in a more meaningful way. Disciplined cost structure: We continue to make progress against our cost transformation I ve seen firsthand the passion and take-out initiative. Examples include identifying operational inefficiencies in and expertise that defines the our supply chain, recalibrating marketing Petco partner community. at both the top and bottom of the funnel, and instituting a more holistic procurement process, to name a few. Importantly, these aren t one-time actions but cultural and operational shifts designed to yield greater efficiency, agility, and increased productivity for long-term benefit. This work is just beginning, and we re continuously seeking opportunities across the organization to unlock sustainable cost savings.
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WOOF Shareholder/Stockholder Letter Transcript:

2024 Annual Report


Dear Fellow Shareholders,
2025 will mark Petco   s 60th anniversary   a milestone that
reminds our over 29,000 partners of our deep heritage, the
trust we   ve earned from generations of pet parents, and the
opportunity ahead to strengthen our iconic brand. Our mission
to improve the lives of pets and pet parents remains the heart
of our business.
Joel D. Anderson
Chief Executive Officer
Since beginning my role as Petco   s CEO last year, one of my
main priorities has been listening to and learning from our
customers and partners across all facets of our business. My
confidence in the power and potential of the Petco brand has
only grown stronger over these past several months, and I am
deeply optimistic about the road ahead.
2024 was a year of stabilization for Petco. We are grounded
in our mission and renewed in our focus. While there is more
work ahead, I   m encouraged by the early momentum underway
and our detailed, phased strategy to return the business to
sustainable, profitable growth.

Executing a Multiphase Turnaround Strategy
Shortly after joining Petco, we established a three-phase strategy to
unlock our full potential:
Phase One: Strengthen the foundation and stabilize
profitability
Beginning in the second half of fiscal 2024, we took action to strengthen
our retail fundamentals. This work centered on restoring core operating
disciplines, improving the shopping experience in our pet care centers,
and building the right leadership team to guide our transformation.
Culture, accountability, and operational transparency have been central
themes.
   These actions are
designed to identify
new ways to elevate
the Petco brand.   
We built out a seasoned leadership
team with proven track records of retail
excellence to enable change, accelerate key
initiatives we are undertaking, and better
position Petco for the future.
I   ve seen firsthand the passion and expertise
that defines the Petco partner community.
With this collective energy and the guidance
of our complete leadership team, I have great confidence in our ability to
deliver on Petco   s full potential.
Phase Two: Implement and execute for operational
improvement
With a strengthened foundation in
place, and a seasoned leadership
team, our attention is quickly
turning toward implementation and
execution. This work is ongoing and
gaining traction:
    Enhanced merchandising:
Through my decades in retail, I   ve
consistently seen that if we present
customers with unique, trendright products at a compelling
value proposition, we   ll accelerate
our return to retail excellence.
With this in mind, we have been
in the process of optimizing our

assortment to more closely align with consumer demand, which is
especially critical at a time when consumers are more choiceful in
their purchasing. We are also improving how our products show up to
customers. Utilizing a data-driven approach, we are allocating more of
our focus and shelf space to top-selling brands and high-velocity SKUs.
I   m pleased with our progress to date and look forward to you seeing
this work come to life in our stores and online in a more meaningful way.
    Disciplined cost structure: We continue to
make progress against our cost transformation
   I   ve seen firsthand the passion
and take-out initiative. Examples include
identifying operational inefficiencies in
and expertise that defines the
our supply chain, recalibrating marketing
Petco partner community.   
at both the top and bottom of the funnel,
and instituting a more holistic procurement
process, to name a few. Importantly, these aren   t one-time actions
but cultural and operational shifts designed to yield greater efficiency,
agility, and increased productivity for long-term benefit. This work is
just beginning, and we   re continuously seeking opportunities across the
organization to unlock sustainable cost savings.



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