System-wide sales for the Canadian pet retailer totaled C$353.7 million ($257.1M/€235.5M) from April to June 2024. This marks a 2.8% year-on-year (YoY) increase from C$343.9 million ($250M/€229M) during the same period last year.
Revenue also improved by 3.5% YoY to C$265.2 million ($192.8M/€176.6M), led by franchise growth.
“Our business continued to deliver solid profitability and revenue growth while successfully implementing key strategic initiatives in [the] second quarter,” says Pet Valu CEO and President Richard Maltsbarger.
Income and profits
However, net income declined to C$17.8 million ($12.9M/€11.8M) from C$24.1 million ($17.5M/€16M) last year.
The company posted C$87.7 million ($63.7M/€58.4M) in gross profits in the second quarter of 2024, a 4.8% decline. Higher distribution and occupancy costs, higher wholesale merchandise sales and discounts from planned promotional activities primarily drove the negative trend.
Same-store sales growth was negligible this quarter as the 2.5% increase in same-store average spend per transaction was offset by a 2.4% decline in same-store transactions.
Store count
Pet Valu opened 5 new stores in Q2 2024, bringing the total outlets to 799 across its network this quarter. In July, the retailer opened its 800th location.
The Canadian pet retailer also implemented “key strategic initiatives,” including launching its upgraded digital platform and the nationwide rollout of frozen raw and gently-cooked pet nutrition products under the Performatrin Culinary brand.
2024 outlook
Pet Valu forecasts financial year (FY) 2024 revenue to be between C$1.08 billion ($785.2M/€719.3M) and C$1.11 billion ($807.1M/€739.3M). This would be slightly higher than the numbers for 2023 when it hit C$1 billion ($727.1M/€666.1M) in revenue.
The retailer targets 40-50 store openings to push the total count to 833.
The latest articles
More than 8 out of 10 dog owners think of them as their children
A new survey dives into the debates many American owners have surrounding their dogs.
Better Choice acquires Canadian specialty pharmacy, eyes veterinary market expansion
The Florida-based firm will own the majority share of the combined company, which is expected to generate over $270 million (€244.2M) in financial year 2025.
Could having pets encourage financial responsibility?
New research finds that pets inspire healthy financial habits in nearly 2 out of 5 Americans.
Weekly newsletter to stay up-to-date
Discover what’s happening in the pet industry. Get the must-read stories and insights in your inbox.