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Petco Beats Estimates and Raises Guidance

Petco's second-quarter profit beat Wall Street's estimates, and the pet-supplies chain raised its full-year revenue and earnings guidance.
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Pet-accessories retailer Petco Health and Wellness  (WOOF) - Get Petco Health and Wellness Company Inc Class A Report reported fiscal-second-quarter results ahead of estimates and raised its guidance. 

For the quarter ended July 31 the San Diego company reported net income of 28 cents a share against 4 cents in the year-earlier quarter. The latest adjusted second-quarter earnings were 25 cents a share. 

Shares outstanding rose 27% to 265.2 million.

Revenue reached $1.43 billion from $1.21 billion, up 19%. 

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Analysts surveyed by FactSet were expecting earnings of 20 cents a share on revenue of $1.37 billion. 

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For the full year, earnings are now expected to range 81 cents to 85 cents a share, up from a previous view of between 73 cents and 76 cents. Analysts are expecting 76 cents a share.

Petco raised its revenue guidance to between $5.6 billion and $5.7 billion from its previous view of $5.48 billion to $5.58 billion. Analysts are expecting full year revenue of $5.54 billion.

At last check Petco shares were 1.6% lower at $19.