Petco Health & Wellness (NASDAQ: WOOF) stock rose nearly 10% in premarket trading Wednesday after the pet retailer posted better-than-expected Q4 revenue and announced a CEO transition.

The company reported fiscal fourth-quarter earnings per share (EPS) at $0.02, falling below the analyst expectations of $0.04. Revenue came in at $1.7 billion, surpassing the consensus estimate of $1.63 billion.

Looking forward, Petco expects a loss per share of $0.06 in the fiscal Q1 2025, compared to a loss per share of $0.02 estimated by analysts. Revenue is anticipated to be around $1.5 billion, which is also less than the projected $1.55 billion.

Petco forecasts its capital expenditures to be about $140 million for the full fiscal 2025.

Moreover, the company announced the appointment of R. Michael Mohan as the Interim Chief Executive Officer, effective immediately.

This announcement comes as Ron Coughlin steps down from his role as CEO, Chairman, and member of the Board of Directors at Petco.

Coughlin will continue to serve as an advisor to the Board to ensure a smooth transition in leadership. Petco's Board of Directors is actively searching for a permanent CEO.

By Vahid Karaahmetovic