More people adopted pets during the pandemic, as they moved into larger homes with yards and spent more time working from home, Petco's CEO said.
Petco CEO Ron Coughlin said customers don't pull back on pet spending, even if prices go up and budgets get tighter.Petco has bulked up its private label offerings, expanded vet care and other pet services and wooed customers willing to splurge on everything from clothes to fresh food for their dogs and cats.CEO Ron Coughlin on Wednesday said the specialty retailer has a key advantage in an uncertain environment: Americans spend on pets, even when their budgets tighten.
At an investor day in New York City, he said the pet category is"resilient to economic downturns, resilient to inflation." Plus, he said, more people adopted pets during the pandemic, as they moved into larger homes with yards and spent more time working from home. He compared the dynamic to a baby boom, saying the need for food, vet care and more will outlast the global health crisis.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ESG Benchmarks Need to Be More Standardized, Says S&P Global CEOInvestors are still confused when it comes to understanding a fund’s environmental, social and governance, or ESG, factors. Here’s one proposal that could help.
Read more »
Exclusive: Blockchain Centre CEO says cryptocurrency will render some bank services ‘irrelevant’Tadas Maurukas, chief executive officer at Blockchain Centre has stated that when it comes to the matter of cryptocurrencies “regulators... Continue reading
Read more »
Intel CEO Says Semiconductors Are Like Oil — Making More in U.S. Can Avoid Global Crises“Oil reserves have defined geopolitics for the last five decades. Where the fabs [factories] are for a digital future is more important,” Intel’s Pat Gelsinger told CNBC.
Read more »
Crypto PAC Nets $400K in February From BlockFi CEO, CNBC Contributor and MoreNEW: gmipac raised another $400,000 last month to fund million-dollar ad spends on pro-crypto candidates in the U.S. midterms. realDannyNelson reports
Read more »
Watch CNBC's full interview with Intel CEO Pat GelsingerIntel CEO Pat Gelsinger sits down with CNBC's Jon Fortt and the 'Squawk Box' team ahead of his appearance on Capitol Hill to discuss U.S. semiconductor manufacturing and more. Gelsinger explains why the country is at an 'inflection point' when it comes to domestic chip production. 'We're either going to invest in this industry now to see it rebuild, or we're going to decline,' Gelsinger tells CNBC.
Read more »
'Onward and Upward': Phoenix Center for the Arts picks former west Valley leader as new CEOSandra Bassett has been appointed CEO of Phoenix Center for the Arts. Bassett, also a popular singer, was formerly the West Valley Arts Council CEO
Read more »