Pet Valu sales up almost 75% from pre-pandemic levels

The Canadian pet retailer reported revenue of $227.7 million (US$ 291.9M) in the second quarter of 2022.

The company’s revenue increased by 25%, driven by growth in retail sales as well as franchising and other revenues. Pet Valu included $2.5 million (US$ 3.2M) from the acquisition of pet specialty retailer Chico earlier in the year.

In addition, gross profit reached $85.4 million (US$ 109.4M) in the period, an increase of 27.1%.

“Pet Valu delivered very strong performance in the second quarter, underscored by robust industry growth together with the growing appeal of our brand within the Canadian marketplace,” claimed Richard Maltsbarger, President and Chief Executive Officer.

Maltsberger also pointed out that the “impressive top-line results were once again hallmarks in the quarter” with system-wide sales now up almost 75% from pre-pandemic levels in Q2 2019.

Pet Valu opened 13 new stores in Q2, reaching a total of 717 nationwide.

Optimistic forecast

The Canadian pet retailer expects this year’s revenue to be between $ 912 million (US$ 1.16B) and $ 928 million (US$ 1.18B), slightly higher than the previous guidance.

“With a staples-oriented product mix together with the value offered through our broad proprietary brand portfolio and frequent buyers loyalty program, we believe we are well positioned to continue taking market share through our multi-faceted growth agenda in today’s challenging macro environment”, noted Richard Maltsbarger, President and Chief Executive Officer.

Pet Valu plans to open between 35 and 45 new stores by the end of the year and, in the long term, optimize omnichannel process and experience to drive efficiency.