Petco Health and Wellness Co Inc-A 2024年度报告

2024AnnualReport JoelD.Anderson ChiefExecutiveOfficer DearFellowShareholders, 2025willmarkPetco’s60thanniversary—amilestonethatremindsourover29,000partnersofourdeepheritage,thetrustwe’veearnedfromgenerationsofpetparents,andtheopportunityaheadtostrengthenouriconicbrand.Ourmissiontoimprovethelivesofpetsandpetparentsremainstheheartofourbusiness. SincebeginningmyroleasPetco’sCEOlastyear,oneofmymainprioritieshasbeenlisteningtoandlearningfromourcustomersandpartnersacrossallfacetsofourbusiness.MyconfidenceinthepowerandpotentialofthePetcobrandhasonlygrownstrongeroverthesepastseveralmonths,andIamdeeplyoptimisticabouttheroadahead. 2024wasayearofstabilizationforPetco.Wearegroundedinourmissionandrenewedinourfocus.Whilethereismoreworkahead,I’mencouragedbytheearlymomentumunderwayandourdetailed,phasedstrategytoreturnthebusinesstosustainable,profitablegrowth. ExecutingaMultiphaseTurnaroundStrategy ShortlyafterjoiningPetco,weestablishedathree-phasestrategytounlockourfullpotential: PhaseOne:Strengthenthefoundationandstabilizeprofitability Beginninginthesecondhalfoffiscal2024,wetookactiontostrengthenourretailfundamentals.Thisworkcenteredonrestoringcoreoperatingdisciplines,improvingtheshoppingexperienceinourpetcarecenters,andbuildingtherightleadershipteamtoguideourtransformation. Culture,accountability,andoperationaltransparencyhavebeencentralthemes. “TheseactionsaredesignedtoidentifynewwaystoelevatethePetcobrand.” Webuiltoutaseasonedleadershipteamwithproventrackrecordsofretail excellencetoenablechange,acceleratekeyinitiativesweareundertaking,andbetterpositionPetcoforthefuture. I’veseenfirsthandthepassionandexpertisethatdefinesthePetcopartnercommunity. Withthiscollectiveenergyandtheguidance ofourcompleteleadershipteam,IhavegreatconfidenceinourabilitytodeliveronPetco’sfullpotential. PhaseTwo:Implementandexecuteforoperationalimprovement Withastrengthenedfoundationinplace,andaseasonedleadershipteam,ourattentionisquicklyturningtowardimplementationandexecution.Thisworkisongoingandgainingtraction: •Enhancedmerchandising: Throughmydecadesinretail,I’veconsistentlyseenthatifwepresentcustomerswithunique,trend-rightproductsatacompellingvalueproposition,we’llaccelerateourreturntoretailexcellence. Withthisinmind,wehavebeenintheprocessofoptimizingour assortmenttomorecloselyalignwithconsumerdemand,whichisespeciallycriticalatatimewhenconsumersaremorechoicefulintheirpurchasing.Wearealsoimprovinghowourproductsshowuptocustomers.Utilizingadata-drivenapproach,weareallocatingmoreof ourfocusandshelfspacetotop-sellingbrandsandhigh-velocitySKUs.I’mpleasedwithourprogresstodateandlookforwardtoyouseeingthisworkcometolifeinourstoresandonlineinamoremeaningfulway. •Disciplinedcoststructure:Wecontinuetomakeprogressagainstourcosttransformationandtake-outinitiative.Examplesincludeidentifyingoperationalinefficienciesin oursupplychain,recalibratingmarketingatboththetopandbottomofthefunnel,andinstitutingamoreholisticprocurement “I’veseenfirsthandthepassionandexpertisethatdefinesthePetcopartnercommunity.” process,tonameafew.Importantly,thesearen’tone-timeactionsbutculturalandoperationalshiftsdesignedtoyieldgreaterefficiency,agility,andincreasedproductivityforlong-termbenefit.Thisworkis justbeginning,andwe’recontinuouslyseekingopportunitiesacrosstheorganizationtounlocksustainablecostsavings. •Improvedcustomerexperience:Towinintoday’sretailenvironment,wemustimprovethewayweserveourcustomersacrossourpetcarecenters,online,andinourservicesplatforms.Iseesignificantopportunitytodrivegreaterconsistencyacrossourecosystem,whichwillnotonlyimproveandstrengthenthePetcobrandbutwillalsodriveefficienciesthatcanbereinvestedintoimprovingthecustomer experience.Duringmytimeworkinginourpetcarecenters,ImetsomeofthemostknowledgeableandenthusiasticassociatesI’veencounteredinretail.Wearesettingnewlabormodelstandardstomaximizetheamountoftimeourstorepartnersspendwithcustomers—somethingweknowthey’repassionateaboutandthatdrivesenthusiasmforworkingatPetco—andlesstimeontasksthatkeeptheminthebackofthestore.Weseeopportunitiesinservicesaswell.We’releveragingourrelationshipswithvetcustomerstobetterunderstandwhattheyvalue atPetcoandinformhowweengagewiththemtoimprovecustomerexperienceand,ultimately,retention.I’menergizedbytheopportunityacrosscustomerexperiencethatsitsinfrontofus. PhaseThree:Returntorevenuegrowth OurprimaryfocusintheneartermisexecutionagainsttheinitiativesI’vejustoutlined,whichwillultimatelypositionthebusinessforourthirdphase,returningtogrowth.Weareintheearlystagesoflayingthegroundworkforthisnextphase,whichincludes: •Undergoingacomprehensive“NorthStar”strategicreviewtodefineourcompetitivepositionanduncoverwhitespaceopportunities. •Reinvigoratinginternalproductdevelopmenttodifferentiatethroughproprietaryofferings. •Studyingregionalmarketdynamicstoidentifyunder-penetratedareasforfutureexpansion. •Enhancingouromnicapabilitiesanddigitalexperience,includingplanstorevisitandscaleourmembershipprogram. •Investinginserviceopportunities—thefastest-growingareaofthepetcategory—whereweha