Beware of This Dog Because Bark Has No Bite
Pet care remains a growth industry. Even during the pandemic, consumers still spent money on their pets with total sales reaching $103.6 billion in 2020, the first time ever more than $100 billion was spent on our companions, according to the American Pet Products Association (APPA).
Last year, pet spending soared 20% to $123.6 billion with most ($50 billion) going to food and treats. Direct-to-consumer (DTC) pet-care company Bark (NYSE: BARK) is trying to cash in on the humanization of animals trend and the willingness of owners -- or pet parents, as animal lovers like to call themselves -- to spend freely on their four-legged friends.
Focusing solely on dogs, Bark sends a monthly package of toys, treats, and other goodies -- a BarkBox -- to members based on the size of their pet. But Bark's just-reported fourth-quarter earnings show why this pet-centric stock might be all bark, no bite for your portfolio.
Source Fool.com
