Petco Health and Wellness Company Inc ( WOOF ). reported first-quarter net revenue of $1.53 billion, down 1.7% year over year. This is almost in line with the consensus of $1.5 billion and management guidance of around $1.5 billion.

Comparable sales declined 1.2% year over year and increased 4.1 percent on a two-year basis.

On an as-reported basis, the company’s consumables business was up 0.1%, and services and other businesses were up 4.2% versus the prior year. 

Growth in the company’s consumables, services and other business was offset by the company’s supplies and companion animal business, down 6.8% versus the prior year. 

The company reported an adjusted loss of $(11.8) million, or $(0.04) per share, compared to $14.9 million, or $0.06 per share in the prior year, better than the consensus of $(0.07) and the management guidance of $(0.06).

The company reported adjusted EBITDA of $75.6 million compared to $111.0 million in the prior year.

“In Q1 we made meaningful progress against our strategy to reposition the business for sustainable and profitable growth,” said Mike Mohan, Petco’s Interim CEO.

Guidance: Petco Health and Wellness ( WOOF ) expects second-quarter net revenue Of ~$1.525 billion versus a consensus of $1.52 billion.

The company expects an adjusted EPS loss of $(0.02) compared to the consensus of $(0.02).

Price Action: At last check on Wednesday, WOOF shares were up 29.20% at $3.17.