Petco surges after swinging to a profit and boosting its outlook

Shares of Petco are surging as traders applaud the pet store chain’s second-quarter results, released after the bell on Thursday.

Petco posted earnings of $0.05 per share, compared to a $0.09 loss per share in the same period last year. Analysts polled by FactSet expected earnings of $0.01 per share. Petco shares spiked 20% in premarket trading.

The squeaky toy retailer raised its full-year outlook for earnings before interest, taxes, depreciation, and amortization (EBITDA) to between $385 million and $395 million, up from its previous forecast of between $375 million and $390 million. Petco said those estimates assume that US tariffs on imports from China stay at current levels.

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