Petco CEO comments on the need for pet-friendly workplaces after the pandemic

By: Wajeeh Khan
Wajeeh Khan
Wajeeh is an active follower of world affairs, technology, an avid reader, and loves to play table tennis in his free… read more.
on Apr 21, 2021
  • Petco CEO comments on the need for pet-friendly workplaces after the pandemic.
  • 69% of U.S. workers want to take their pets with them to work, Petco survey reveals.
  • Petco CEO says metrics are good for the company from the long-term standpoint.

“Pets helped America get through the pandemic emotionally,” says CEO Ron Coughlin of Petco Health and Wellness Company (Nasdaq: WOOF).

People have been spending more time with their pets as the COVID-19 crisis restricted them to their homes. In Petco’s recent survey, 83% of pet parents in the United States acknowledged that their pets helped minimize stress during the health emergency.

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Petco went public earlier this year in January at a per-share price of £19.95. In the first week of March, the stock hit a year-to-date low of £14 per share. Currently, however, Petco is exchanging hands at £17.39 per share. If you want to invest in the stock market online, you’ll need a reliable stockbroker – here’s a comparison of the top few to make selection easier for you.

69% of U.S. workers want to take their pets with them to work

The novel flu-like virus has so far infected more than 32 million people in the U.S. and caused over half a million deaths. However, now that the pandemic-related restrictions are easing and businesses are starting to recall employees back to the office, 69% of them have expressed interest in taking their pets with them to work.

To that end, Coughlin said that “pets make for a better workplace”, and it might be time that employers started focusing on making their offices more pet-friendly. The CEO cited Petco’s recent survey in which 41% of people said they would actually shift companies to go to a workplace that is pet-friendly.

In separate news, health insurance company Anthem Inc. said on Wednesday that its profit came in better than expected in the fiscal first quarter.

Coughlin’s comments on Petco’s performance amidst the COVID-19 crisis

Commenting on Petco’s performance during the Coronavirus pandemic, Coughlin said on CNBC’s Squawk Box:

“We had a huge benefit from COVID. There are three million increments on new pets that resulted in an 11% increase in our full-year revenue and a close to 100% digital growth, as reported last month. More of the same is expected in the first half of 2021 because pets are an annuity for the pet industry for a decade or more. They will need to be fed, they will need to be groomed, they will need to be vaccinated. So, the metrics are good for our business from the long-term standpoint.”

At the time of writing, Petco Health and Wellness Company is valued at £3.92 billion.

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