Pet Valu Holdings (PET) reported a first-quarter profit of $22.6 million, up 567% from $3.4
million a year ago, and raised its full-year guidance as the pet boom across Canada continues
post-pandemic.
The Toronto-based pet supplies retailer said the profit amounted to $0.32 per diluted share for
the quarter ended April 2, up from $0.03 per diluted share a year earlier.
Revenue totalled $213.3 million, up from $170.1 million in the same quarter of 2021. Same-
store sales growth was 22.8% driven by an 18.4% increase in same-store transactions and a
3.7% increase in same-store average spend per transaction.
In a revised outlook, Pet Valu said it now expects revenue between $870 million and $895
million for its full year and same-store sales growth between 9% and 12%.
The new guidance compared with earlier expectations for revenue between $845 million and
$870 million and same-store sales growth between 6% and 9%.
Year to date, Pet Valu’s stock is down 4% at $31.60 per share.
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