Toronto-based retailer Pet Valu (PET) has reported second-quarter net income of $25.3 million,
down 43% from $44.3 million in the same period of last year.
The pet supply company said its revenue in the April through June period totalled $227.7
million, up 25% from $182.2 million a year ago.
Pet Valu said its same store sales rose 21% in the second quarter. However, that was a
slowdown compared to same store sales growth of 28% in the same three months of 2021.
Looking forward, Pet Valu raised its guidance for this year, saying it now expects revenue of
between $912 million and $928 million. Previously, the company forecast revenue of between
$870 million and $895 million.
Pet Valu declared a dividend of $0.06 per share payable on September 15 of this year.
Pet Valu’s stock is essentially flat on the year (up 0.12%) at $33.07 per share.
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