Pet Valu posts lower profit as same-store sales growth declines

·1 min read

MARKHAM, Ont. — Pet Valu Holdings Ltd. reported its first-quarter profit fell compared with a year ago despite its revenue climbing higher.

The pet food and supplies retailer says its profit attributable to shareholders totalled $18.7 million or 26 cents per diluted share for the quarter that ended April 1.

The result was down from a profit of $22.6 million or 32 cents per diluted share a year earlier.

Revenue totalled $250.3 million, up from $213.2 in the first quarter of 2022.

The increase came as the company saw same-store sales growth of 9.4 per cent, down from 22.8 per cent in the first quarter of 2022.

On an adjusted basis, the company says its profit was 32 cents per diluted share, compared with 35 cents per diluted share last year.

This report by The Canadian Press was first published May 9, 2023.

Companies in this story: (TSX:PET)

The Canadian Press