Petco Appeals to 'Pet Parents' With All-Natural Pet Food Initiatives
*By Carlo Versano*
Petco will phase out dog and cat food containing artificial ingredients and preservatives entirely by May 2019, the company announced Tuesday.
Petco CEO Ron Coughlin told Cheddar Tuesday that the decision to move to a wholly natural-ingredient line was part of a corporate strategy to become a full-service "partner to pet parents." It also reflects broader consumer trends toward healthier, organic foods ー that now includes the diets of their pets.
"All the trends that happened in farm-to-table are happening in pet food," Coughlin said. Some Petco stores will even start piloting "human-grade" food cooked in-store ー made-to-order meals for dogs.
Coughlin admitted that revenues at the privately-owned Petco could get dinged in the short run as it terminates relationships with suppliers who won't follow it to the "nutrition high ground." It's also facing headwinds from tariffs that are forcing the company to rethink aspects of its supply chain, he said.
For all the health consciousness, the move to go all-natural is very much a way for Petco to Amazon-proof ($AMZN) its business model. Coughlin said some stores will soon have on-site veterinarians, along with its roster of groomers, to create what Coughlin called "360 degree care for pets" and a one-stop shop for pet owners.
"We want to make sure we're doing the right thing for pets," he said.
For full interview [click here](https://cheddar.com/videos/petco-ceo-were-banning-artificial-ingredients).
Federal Reserve Chair Jerome Powell was tricked into an extended phone call in January with Russian pranksters posing as Ukrainian President Volodymyr Zelenskyy, during which Powell appeared to discuss the economic impact of interest rate hikes.
Amazon on Thursday reported stronger-than-expected revenue and profits for the first quarter, sending its stocks higher in after-hours trading. But its prices took a dip in the evening amid concerns about a continued slowdown in the company's profitable cloud computing unit AWS.
A key index of underlying inflation that is closely followed by the Federal Reserve remained elevated last month, keeping the Fed on track to raise interest rates next week for the 10th time since March of last year.
As a growing number of overweight Americans clamor for Ozempic and Wegovy — drugs touted by celebrities and on TikTok to pare pounds — an even more powerful obesity medicine is poised to upend treatment.
A California judge is ordering Tesla CEO Elon Musk to be interviewed under oath regarding statements about the safety and capability of the car maker's autopilot features.
David Wright, president and owner of Wright Financial Group LLC, joined Cheddar News to discuss Thursday's trading as stocks closed higher amid strong tech profits. But Wright says banking stress could sway markets down as the Federal Reserve could weigh more rate increases.