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

Dear Fellow Shareholders, 2025 will mark Petco’s 60th anniversary—a milestone thatreminds our over 29,000 partners of our deep heritage, thetrust we’ve earned from generations of pet parents, and theopportunity ahead to strengthen our iconic brand. Our missionto improve the lives of pets and pet parents remains the heartof our business. Since beginning my role as Petco’s CEO last year, one of mymain priorities has been listening to and learning from ourcustomers and partners across all facets of our business. Myconfidence in the power and potential of the Petco brand hasonly grown stronger over these past several months, and I amdeeply optimistic about the road ahead. Joel D. AndersonChief Executive Officer 2024 was a year of stabilization for Petco. We are groundedin our mission and renewed in our focus. While there is morework ahead, I’m encouraged by the early momentum underwayand our detailed, phased strategy to return the business tosustainable, profitable growth. Executing a Multiphase Turnaround Strategy Shortly after joining Petco, we established a three-phase strategy tounlock our full potential: Phase One: Strengthen the foundation and stabilizeprofitability Beginning in the second half of fiscal 2024, we took action to strengthenour retail fundamentals. This work centered on restoring core operatingdisciplines, 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 centralthemes. We built out a seasoned leadershipteam with proven track records of retailexcellence to enable change, accelerate keyinitiatives we are undertaking, and betterposition Petco for the future. “These actions aredesigned to identifynew ways to elevatethe Petco brand.” I’ve seen firsthand the passion and expertisethat defines the Petco partner community.With this collective energy and the guidance of our complete leadership team, I have great confidence in our ability todeliver on Petco’s full potential. Phase Two: Implement and execute for operationalimprovement With a strengthened foundation inplace, and a seasoned leadershipteam, our attention is quicklyturning toward implementation andexecution. This work is ongoing andgaining traction: •Enhanced merchandising:Through my decades in retail, I’veconsistently seen that if we presentcustomers with unique, trend-right products at a compellingvalue proposition, we’ll accelerateour return to retail excellence.With this in mind, we have beenin the process of optimizing our assortment to more closely align with consumer demand, which isespecially critical at a time when consumers are more choiceful intheir purchasing. We are also improving how our products show up tocustomers. Utilizing a data-driven approach, we are allocating more ofour 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 seeingthis work come to life in our stores and online in a more meaningful way. •Disciplined cost structure: We continue tomake progress against our cost transformationand take-out initiative. Examples includeidentifying operational inefficiencies inour supply chain, recalibrating marketingat both the top and bottom of the funnel,and instituting a more holistic procurement “I’ve seen firsthand the passionand expertise that defines thePetco partner community.” process, to name a few. Importantly, these aren’t one-time actionsbut cultural and operational shifts designed to yield greater efficiency,agility, and increased productivity for long-term benefit. This work isjust beginning, and we’re continuously seeking opportunities across theorganization to unlock sustainable cost savings. •Improved customer experience: To win in today’s retail environment,we must improve the way we serve our customers across our petcare centers, online, and in our services platforms. I see significantopportunity to drive greater consistency across our ecosystem, whichwill not only improve and strengthen the Petco brand but will alsodrive efficiencies that can be reinvested into improving the customerexperience. During my time working in our pet care centers, I met someof the most knowledgeable and enthusiastic associates I’ve encounteredin retail. We are setting new labor model standards to maximize theamount of time our store partners spend with customers—somethingwe know they’re passionate about and that drives enthusiasm forworking at Petco—and less time on tasks that keep them in the back ofthe store. We see opportunities in services as well. We’re leveraging ourrelationships with vet customers to better understand what they valueat Petco and inform how we engage with them to improve customerexperience and, ultimately, retention. I’m energized by the opportunityacross customer experience that sits in front of us. Phase Three: Return to revenuegrowth Our primary focus in the near term i