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Dog Days

PETCO warned by NASDAQ over late financial filings

Published

19 years ago

June 28, 2005

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PETCO Animal Supplies Inc. (San Diego) has announced receipt of a notice from the NASDAQ Stock Market warning the pet product retailer that because it had failed to file its quarterly report on time with the Securities and Exchange Commission, it faces possible delisting.

This notice follows an earlier warning from NASDAQ about its delay in filing its last annual report, for its fiscal year ending Jan. 29, 2005. The retailer requested a hearing, which will be held June 30, 2005, staying the delisting action.

The company is conducting an annual review as a result of errors involving the under-accrual of expenses in its distribution operation and says that until this review is complete, it cannot finalize its financial statements for last year or the first quarter of this year.

PETCO, which generated net sales of more than $1.8 billion in fiscal 2004, operates over 740 stores in 47 states and the District of Columbia.

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