Petco Health & Wellness Company Inc Q1 Earnings Summary

Below are the earnings highlights for Petco Health & Wellness Company Inc (WOOF):

Earnings: -$1.892 million in Q1 vs. $24.693 million in the same period last year.
EPS: -$0.01 in Q1 vs. $0.09 in the same period last year.
Excluding items, Petco Health & Wellness Company Inc reported adjusted earnings of $14.905 million or $0.06 per share for the period.

Analysts projected $0.05 per share
Revenue: $1.555 billion in Q1 vs. $1.475 billion in the same period last year.

-Guidance:
Full year EPS guidance: $0.40 – $0.48
Full year revenue guidance: $6.150Bln- $6.275Bln

Kohl's Q1 Profit Flat, Comps Down; Backs FY23 View; Stock Up In Premarket

Retailer Kohl’s Corp. (KSS), while reporting flat profit and weak sales in its first quarter, on Wednesday maintained its fiscal 2023 outlook.

For the full year 2023, the company continues to expect earnings per share in the range of $2.10 to $2.70, excluding any non-recurring charges.

On average, 16 analysts polled by Thomson Reuters expect earnings of $2.32 per share for the year. Analysts’ estimates typically exclude special items.

Net sales are still projected to decline 2 percent to 4 percent, including the impact of the 53rd week which is worth around 1 percent year-over-year.

Operating margin would be around 4 percent.

In the first quarter, net income was $14 million, or $0.13 per share, compared to net income of $14 million, or $0.11 per share in the prior year.

Net sales decreased 3.3 percent to $3.36 billion from $3.47 billion last year. Analysts expected sales of $3.34 billion for the quarter.

Total revenue was $3.57 billion, down from $3.72 billion a year ago. Comparable sales were down 4.3 percent.

In pre-market activity on the NYSE, Kohl’s shares were trading at $21.84, up 13.34 percent.

European Economic News Preview: UK Inflation Data Due

Consumer and producer prices from the UK and business sentiment from Germany are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK consumer and producer prices for April. Inflation is forecast to ease to 8.3 percent in April from 10.1 percent in March. Output price inflation is seen at 8.6 percent in April compared to 8.7 percent in March.

At 4.00 am ET, ifo business confidence survey results are due from Germany. Economists expect the business confidence index to fall to 93.0 in May from 93.6 in April.

At 6.00 am ET, the Confederation of British Industry publishes Industrial Trends survey results. The UK order book balance is seen at -19 percent versus -20 percent in April.

PTC Therapeutics Down 23% On Failure Of Its MOVE-FA Clinical Trial

PTC Therapeutics (PTCT) shares plunged more than 23 % on Wednesday following results from the failed MOVE-FA clinical trial of Vatiquinone in patients with Friedreich ataxia.

PTCT is currently trading at $44.71, down 23.46% or $13.70 per share, on Nasdaq. It has traded between $25.01 and $59.84 in the past 52-week period.

According to the report, the MOVE-FA trial did not meet its primary endpoint. The study which included 146 child and adult patients, was unable to show a statistically significant change in mFARS score at 72 weeks. This has the company considering alternatives for vatiquinone.

Central London locked down after cyclist dies in horror crash with lorry

The man’s next of kin have been informed and there have not yet been any arrests. Fitzroy Street has been closed and there is slow traffic in the surrounding area following the crash, reports MyLondon.

More to follow…

Sarepta Therapeutics Updates Of BLA For Sarepta's Duchenne Muscular Dystrophy Drug Candidate

Sarepta Therapeutics, Inc. (SRPT) on Wednesday provided the following update on the Biologics License Application (BLA) for SRP-9001 (delandistrogene moxeparvovec), which is currently under review for the treatment of ambulant individuals with Duchenne muscular dystrophy (DMD) who have a confirmed mutation of the DMD gene.

The company said the FDA has indicated that, subject to the completion of the BLA review, it is working toward potentially granting an accelerated approval for SRP-9001, initially for use in Duchenne patients ages 4-5 years old.

EMBARK, the global, randomized, double-blind, placebo-controlled Phase 3 trial of SRP-9001, is the proposed confirmatory study.

The Agency has informed Sarepta that, in addition to confirming the results of the initial BLA approval, if the trial meets its objectives the Agency intends to entertain a non-age-restricted expansion of the SRP-9001 label based upon the review of the EMBARK data. EMBARK is fully enrolled, with top-line results expected in the fourth quarter of 2023.

The FDA has also informed Sarepta that it requires modest additional time to complete the review, including final label negotiations and postmarketing commitment discussions, and that it anticipates that the review will be complete by June 22, 2023.

Exscientia Q1 Loss Widens, Stock Down

Exscientia plc (EXAI), an AI-driven precision medicine company, Wednesday, reported a wider loss for the first quarter, on increased research and development expenses and lower revenues.

The first-quarter loss widened to $46.6 million or $0.38 per share from $19.1 million or $0.16 per share of last year.

Revenue decreased to $7.1 million from $8.6 million last year.

R&D expenses increased to $41.3 million from $28.9 million of previous year, impacted by growth of the internal and co-owned portfolio, increased
headcount and increased depreciation charges arising from continued investment
into laboratory equipment.

Currently, shares of Exscientia are trading at $7.47 down 1.84% or $0.14 on the Nasdaq.