Petco Stock Is Sinking. ‘Shares Likely Remain In the Dog House.’

Petco Health & Wellness shares were on track for a record-low close after the pet goods retailer delivered its second-quarter financial results and said discretionary spending at its stores continues to fall. Thursday afternoon, shares of Petco (ticker: WOOF ) were down 23% to $5.07, which would be the lowest closing price since its initial public offering in January 2021, according to Dow Jones Market Data.