Pet Valu Issues Strong Earnings And Bullish Guidance

Pet Valu Issues Strong Earnings And Bullish Guidance

Canadian retailer Pet Valu Holdings (PET) issued fourth-quarter earnings that were in line with analysts’ expectations, and announced an aggressive growth strategy for the year ahead.

Specifically, the Markham, Ontario-based company forecast 2023 revenue of more than a billion dollars and same store sales growth of up to 10%. Pet Valu also plans to open as many as 50 new stores this year.

The bullish outlook for the year came as the company reported that its Q4 revenue totalled $266 million, up nearly 20% from $223 million in the same quarter a year earlier.

Same-store sales growth in the latest quarter increased 11.8%, boosted by a 4.6% increase in same-store transactions and a 6.9% increase in same-store average spend per transaction.

Pet Valu said it opened 16 new stores during the fourth quarter, bringing its current total to 744 outlets.

In terms of profit, Pet Valu said it earned $0.36 per share for the quarter ended December 31, 2022, down slightly from $0.37 per share a year ago.

Lastly, Pet Valu raised its quarterly dividend by 67% to $0.10 per share from $0.06 per share previously.

Pet Valu’s stock has risen 36% over the past year to $38.46 per share.


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