Wasn't the company running at a massive deficit until it was sold?
this post was submitted on 27 Nov 2023
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It was! I got that information from a biased source though, I worked with Petco corporate.
The idea is: you operate at a loss to undercut your competitors, in hopes you'll attract long time customers. Eventually, they either ramp up costs, or legitimately have a way to cut down the costs of operations. Usually, it's the latter.
If I remember correctly, most of their money was also spent on marketing, which honestly worked. We'll see how that continues to play out, though.