Exhibit 99.1

FOR IMMEDIATE RELEASE Contact: Rodney Carter, Senior Vice President and Chief Financial Officer (858) 202-7848

PETCO Reports Third-Quarter Fiscal 2005 Results

• Net sales grow 8% to $492 million

• Comp sales increase 1.5%, towards the higher end of the Company’s guidance

• Net earnings, including hurricane costs and markdowns, of $0.23 per diluted share

• Services sales increase 22%

SAN DIEGO, Nov. 22, 2005 – PETCO Animal Supplies, Inc. (NASDAQ: PETC) today reported financial results for the third quarter ended Oct. 29, 2005. The Company also provided updated financial guidance for the fourth quarter and full fiscal year 2005.

Third Quarter Results

Net sales in the third quarter of fiscal 2005 were $492.3 million, an increase of 8.1% over the third quarter of 2004. Comparable store net sales for the period increased 1.5%, on top of a 7.0% increase in the prior year’s third quarter. Sales in the Company’s services business increased 22% over the same period last year.

Gross profit margin was 31.6%, compared with 35.4% in the same period last year. The slower than planned growth in sales, particularly in higher margin supplies, was a key factor in this decline. Slower sales growth led to an increase, as a percentage of sales, in fixed costs such as occupancy and distribution-related costs and led to greater than planned markdowns taken following the completion of the Company’s remerchandising initiative.

SG&A expenses as a percentage of net sales decreased by approximately 30 basis points. Savings in G&A offset planned increases in store payroll expenses and in advertising expenses.

Operating income for the third quarter of fiscal 2005 was $25.4 million, or 5.2% of net sales, compared with $39.5 million in the prior-year period.

Costs related to the hurricanes that struck the Gulf Coast and Florida during the quarter reduced net earnings by an estimated $0.01 to $0.02 per diluted share. The above mentioned greater than expected markdowns adversely affected earnings by an estimated $0.03 to $0.04 per diluted share.

Including the impact of the hurricanes and the markdowns, net earnings for the third quarter of fiscal 2005 were $13.2 million, or $0.23 per diluted share, compared with net earnings of $21.0 million, or $0.36 per diluted share, in the year-earlier period.

“Sales and customer traffic improved progressively during the quarter, as comparable store sales increased 1.5%, towards the higher end of the Company’s guidance, reflecting the contribution of our new marketing efforts, as well as the benefits of stabilizing gas prices,” said PETCO Chief Executive Officer James M. Myers. “While recent indicators are encouraging, the macro-economic environment remains uncertain, and we therefore are maintaining a cautious outlook for the fourth quarter.”

“Over the longer term, we are well positioned to benefit from the continued expansion of the entire pet category,” he said. “We are focused on strong execution of our strategies and our investments to deliver value to our customers, expand PETCO’s market share and leadership position, and generate long-term value for our shareholders.”

Year-to-Date Results

Net sales year-to-date were $1.5 billion, an increase of 10.2% from the same period last year. Comparable store net sales increased 3.0% on top of a 6.7% increase in the prior year.

Net earnings year-to-date were $48.4 million, or $0.83 per diluted share, compared with net earnings of $56.1 million, or $0.96 per diluted share, in the prior-year period.

Year-to-date results for 2005 include an after-tax charge of $1.5 million, or approximately $0.03 per diluted share, for debt retirement costs associated with the repurchase of $14.7 million of the Company’s 10.75% senior subordinated notes in the first quarter.

Excluding this item, pro forma net earnings for the first three quarters of fiscal 2005 were $49.9 million, or $0.85 per diluted share.

The Company generated sufficient operating cash flow year to date to fund $105 million of capital expenditures re-invested in the business.

Store Expansion Program

PETCO opened 25 new stores in the third quarter of fiscal 2005. The addition of 19 new stores during the period, net of relocations and closings, increased the store base to 771 locations. PETCO continued its ongoing program to refresh its stores, remodeling 20 stores into its Pisces format in the third quarter. The Company opened five Doggie Day Camps in its stores in the quarter, and now operates a total of 10 camps.

Year to date, PETCO has opened 75 new stores, or 55 stores net of relocations and closings, and remodeled 49 stores into its Pisces format. In the fourth quarter, the Company expects to complete its 2005 plan to open 90 new stores, or approximately 65 stores net of relocations and closings, and to remodel 50 stores. The Company expects to open the previously announced regional distribution center in Orlando in December.

Outlook for the Fourth Quarter and Full Fiscal Year 2005

PETCO currently expects fourth quarter results to reflect modest comparable sales growth, as well as the associated de-leverage of fixed costs such as occupancy and distribution-related costs, and the continuing near-term pressure on margins from merchandise markdowns.

PETCO currently expects a comparable store net sales increase of approximately 1.0% to 3.0% in the fourth quarter of 2005. This increase in comparable store net sales would come on top of the 5.1% increase achieved in the fourth quarter of 2004. The Company currently expects fourth-quarter earnings per diluted share in the range of $0.44 to $0.48. For the full fiscal year 2005, the Company expects a comparable store net sales increase of approximately 2.0% to 3.0% and pro forma earnings per diluted share in the range of $1.29 to $1.33. Pro forma earnings per diluted share for fiscal 2005 exclude the effect of the debt retirement costs incurred in the first quarter.

The Company intends to discuss its expectations for fiscal 2006 when it reports its results for the fourth quarter and full fiscal year 2005.

About PETCO Animal Supplies, Inc.

PETCO is a leading specialty retailer of premium pet food, supplies and services. PETCO’s vision is to best promote, through its people, the highest level of well being for companion animals, and to support the human-animal bond. PETCO generated net sales of more than $1.8 billion in fiscal 2004. It operates more than 770 stores in 49 states and the District of Columbia, as well as a leading destination for on-line pet food and supplies at www.petco.com. Since its inception in 1999, The PETCO Foundation, PETCO’s non-profit organization, has raised more than $25 million in support of more than 3,000 non-profit grassroots animal welfare organizations around the nation.

Forward Looking Statements

Certain statements in this news release that are not historical fact constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements typically are identified by the use of terms such as “may,” “should,” “might,” “believe,” “expect,” “anticipate,” “estimate” and similar words, although some may be expressed differently. Forward-looking statements in this release include, but are not limited to, statements as to comparable store net sales, expected earnings per share, the effect of investments in the business as well as other efforts to improve business metrics and attributes, the effect of growth and expansion strategies, and the ability to achieve operational efficiencies. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results of PETCO to be

materially different from historical results or from any results expressed or implied by such forward-looking statements. These factors include performance of new stores, ability to execute expansion strategy and sustain growth, debt levels, reliance on vendors and exclusive distribution arrangements, competition, integration of operations as a result of acquisitions, compliance with various state and local regulations, remediation of any internal control deficiencies, outcome of existing litigation, dependence on senior management, and ability to realize on investments made in the business. Certain of these factors, as well as various additional factors, are discussed from time to time in the reports filed by PETCO with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended January 29, 2005. PETCO disclaims any intent or obligation to update these forward-looking statements.

PETCO Animal Supplies, Inc.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)

	As Reported				Pro Forma
	Quarter Ended 10/29/2005		Quarter Ended 10/30/2004		Quarter Ended 10/29/2005		Quarter Ended 10/30/2004
Net sales	$	492,281	$	455,469	$	492,281	$	455,469
Cost of sales and occupancy costs		336,638		294,269		336,638		294,269
Gross profit		155,643		161,200		155,643		161,200
Selling, general and administrative expenses		130,217		121,658		130,217		121,658
Operating income		25,426		39,542		25,426		39,542
Interest expense, net		3,618		4,891		3,618		4,891
Debt retirement costs		—		—		—		—
Earnings before income taxes		21,808		34,651		21,808		34,651
Income taxes		8,658		13,649		8,658		13,649
Net earnings	$	13,150	$	21,002	$	13,150	$	21,002
Net earnings per common share, basic	$	0.23	$	0.36	$	0.23	$	0.36
Net earnings per common share, diluted	$	0.23	$	0.36	$	0.23	$	0.36
Basic weighted average number of common shares		57,853		57,554		57,853		57,554
Diluted weighted average number of common shares		58,340		58,510		58,340		58,510

This earnings release includes information presented on a pro forma basis. These pro forma financial measures are considered “non-GAAP” financial measures within the meaning of SEC Regulation G. The Company believes that this presentation of pro forma results provides useful information to both management and investors by excluding specific costs and expenses that we believe are not indicative of core operating results. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with generally accepted accounting principles. The reconciliations set forth below are provided in accordance with Regulation G and reconcile the pro forma financial measure with the most directly comparable GAAP-based financial measure.

PETCO Animal Supplies, Inc.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)

	As Reported				Pro Forma
	39 Weeks Ended 10/29/2005		39 Weeks Ended 10/30/2004		39 Weeks Ended 10/29/2005		39 Weeks Ended 10/30/2004
Net sales	$	1,454,621	$	1,319,832	$	1,454,621	$	1,319,832
Cost of sales and occupancy costs		976,923		860,885		976,923		860,885
Gross profit		477,698		458,947		477,698		458,947
Selling, general and administrative expenses		384,131		351,656		384,131		351,656
Operating income		93,567		107,291		93,567		107,291
Interest expense, net		10,823		14,748		10,823		14,748
Debt retirement costs		2,447		—		—		—
Earnings before income taxes		80,297		92,543		82,744		92,543
Income taxes		31,878		36,477		32,849		36,477
Net earnings	$	48,419	$	56,066	$	49,895	$	56,066
Net earnings per common share, basic	$	0.84	$	0.97	$	0.86	$	0.97
Net earnings per common share, diluted	$	0.83	$	0.96	$	0.85	$	0.96
Basic weighted average number of common shares		57,779		57,512		57,779		57,512
Diluted weighted average number of common shares		58,553		58,474		58,553		58,474

This earnings release includes information presented on a pro forma basis. These pro forma financial measures are considered “non-GAAP” financial measures within the meaning of SEC Regulation G. The Company believes that this presentation of pro forma results provides useful information to both management and investors by excluding specific costs and expenses that we believe are not indicative of core operating results. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with generally accepted accounting principles. The reconciliations set forth below is provided in accordance with Regulation G and reconcile the pro forma financial measure with the most directly comparable GAAP-based financial measure.

PETCO Animal Supplies, Inc.

Reconciliation of GAAP Financial Measures to Pro Forma Financial Measures

(Unaudited, in thousands, except per share data)

	39 Weeks Ended 10/29/2005			39 Weeks Ended 10/30/2004
Reconciliation of GAAP to Pro Forma Net Earnings
GAAP net earnings	$	48,419		$	56,066
Adjustments:
Debt retirement costs		2,447			—
Tax effect of adjustments		(971	)		—
Pro forma net earnings	$	49,895		$	56,066
GAAP net earnings per common share, diluted	$	0.83		$	0.96
Pro forma net earnings per common share, diluted	$	0.85		$	0.96
Diluted weighted average number of shares (GAAP and Pro forma)		58,553			58,474

PETCO Animal Supplies, Inc.

Condensed Consolidated Balance Sheets

(Unaudited, In thousands)

	October 29, 2005		January 29, 2005
ASSETS
Cash and cash equivalents	$	24,360	$	36,815
Receivables		19,114		17,875
Inventories		187,626		167,038
Other current assets		35,366		28,596
Total current assets		266,466		250,324
Fixed assets, net		379,856		333,300
Goodwill		39,931		40,179
Other assets		17,888		16,650
	$	704,141	$	640,453
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	97,191	$	82,142
Accrued expenses and other current liabilities		148,458		141,044
Current portion of long-term debt		1,785		353
Total current liabilities		247,434		223,539
Senior credit facility		85,950		85,000
Senior subordinated notes payable		89,267		103,982
Deferred rent and other liabilities		91,780		90,637
Total liabilities		514,431		503,158
Stockholders’ equity		189,710		137,295
	$	704,141	$	640,453