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PETCO Files For Deadline Extension on Form 10-K

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PETCO Animal Supplies announced that it is filing a Form 12b-25 with the Securities and Exchange Commission for a 15-day extension-filing deadline for its Annual Report on Form 10-K for the year ended January 29, 2005.

On April 1, 2005, subsequent to its announcement of unaudited results for the fourth quarter and full fiscal year 2004, PETCO discovered within its Distribution Operation instances of errors in which certain expenses were under-accrued. Immediately upon identification of these errors within the Distribution Operation, PETCO took action to strengthen its internal controls, including policies, responsibilities and practices.

PETCO is reviewing changes to its financial results for the fourth quarter and full fiscal 2004 ended January 29, 2005, and is working with its independent registered public accounting firm to determine whether it will be necessary to restate its financial results. Based on the review to date, the Company anticipates reporting a reduction in its fourth quarter 2004 net earnings of $3.0 million to $4.5 million, or approximately $0.05 to $0.07 per diluted share.

Further, the Company expects that earnings for fiscal 2005 would be reduced by approximately $0.05 to $0.07 per diluted share, after taking into consideration the nature of the under-accrual of expenses that are anticipated to result in changes to previously announced financial results.

PETCO’s Chief Executive Officer, James M. Myers, said, “We have devoted significant resources to address and strengthen our processes and controls in our Distribution Operation. While it is very disappointing to identify control deficiencies in any part of our Company, it is worth emphasizing that, based on the initial results of our review, these errors have been limited to our Distribution Operation, and processes have been put in place to ensure these errors do not occur in the future.”

As part of its review, the Company continues to evaluate potential internal control deficiencies under the provisions of Section 404(b) of the Sarbanes-Oxley Act of 2002.

Previously Reported Results

On March 10, 2005, PETCO announced unaudited financial results for the fourth quarter and fiscal year 2004 ended January 29, 2005. The previously announced GAAP net earnings for the fourth quarter and fiscal year 2004 were $27.6 million, or $0.47 per diluted share, and $83.7 million, or $1.43 per diluted share, respectively.

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PETCO Files For Deadline Extension on Form 10-K
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