Retail

Petco CEO says pandemic pet boom, e-commerce will fuel its growth

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Petco Health and Wellness CEO Ron Coughlin said the retailer is poised for growth as it sells exclusive pet supplies, offers e-commerce services such as curbside pickup and expands its veterinary services.

The company’s shares started trading Thursday under the ticker symbol WOOF. It opened at $26, up 44% from its initial public offering price of $18 to raise $816.5 million. That’s also better than the $14 to $17 price that its owners Canada Pension Plan Investment Board and private equity firm CVC Capital Partners had originally targeted.

In an interview on CNBC’s “Squawk on the Street” ahead of the stock’s initial trade, Coughlin said the company’s customer base has grown during the…



Source cnbc.com

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