Petco on Thursday (Aug. 19) announced Brian LaRose as the company’s new chief financial officer, succeeding Mike Nuzzo, who will continue as chief operating officer and president of Petco Services.
LaRose had been Petco’s senior vice president of finance since September 2020. As CFO, he will “oversee all aspects of Petco’s corporate strategy, financial strategy, performance, reporting and long-range business planning,” according to the company announcement.
“Brian is a seasoned leader and I’m thrilled he’s taking on this role,” said Petco Chairman and CEO Ron Coughlin in the company announcement. “Brian brings a wealth of expertise which will be crucial in helping to fuel our continued growth and improving the lives of pets, pet parents and our Petco partners.”
“I’ve seen first-hand just how powerful our unique model and focus on purpose driven performance is in making a difference in the lives of pets and people,” LaRose said in the announcement. “I look forward to helping lead Petco and enhance value for our stakeholders long into the future.”
The pet health and wellness retailer also reported $1.4 billion in net revenue for the second quarter of fiscal 2021, up 19 percent from the same time a year earlier. That led company officials to raise their overall fiscal 2021 guidance slightly, boosting expectations for the full year from a range of $5.475 billion to $5.575 billion to a range of $5.6 billion to $5.7 billion.
“Our second quarter results reflect the strength of our differentiated model and continued focus on driving customer acquisition, increasing spend, fueling comp growth of 20 percent year-over-year and 30 percent on a two-year stack,” Coughlin said in the earnings announcement.
“We exited Q2 with strong momentum while lapping robust double-digit comp growth. Looking ahead, we’re operating from a position of strength as we move into the second half, which gave us the confidence to raise our guidance. We believe we have significant runway for continued growth as we execute against our proven transformation strategy,” he said.
Related: Klarna Helps Petco Enter BNPL Space
Petco announced earlier this month it will offer a buy now, pay later (BNPL) option later this year with the help of Swedish BNPL company Klarna, allowing customers to split their purchases into four interest-free installments they can pay within six weeks.
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