Pet Valu’s quarterly revenue climbs while sales remain flat

Pet Valu hit C$276 million ($198.5M/€184.4M) in revenue between July and September, which was primarily driven by growth in franchise and other revenue channels. During the same period in 2023, the Canadian pet retailer posted C$262.2 million ($188.6M/€175.2M).

Overall sales growth remained flat at C$358.2 million ($257.7M/€239.4M) compared to C$357.2 million ($256.9M/€238.7M) in Q3 2023. Same-store sales declined by 2.5% year-on-year (YoY).

Net income for the third quarter of 2024 increased to C$23.2 million ($16.6M/€15.5M), up from C$18 million ($12.9M/€12M) during the same period last year. Operating income grew 8% YoY, reaching C$40.4 million ($29M/€27M).

Gross profit improved to C$89.4 million ($64.3M/€59.7M), a 2.4% increase against 2023.

According to CEO Richard Maltsbarger, the performance of the pet retailer during the third quarter “tells a story of continued resilience and responsible execution.”

Expansion and yearly guidance

Pet Valu has expanded its locations by adding 6 new stores, bringing its total locations across 10 provinces to 805.

Additionally, Pet Valu opened its new Surrey distribution center in Metro Vancouver. Maltsbarger called this an “important milestone” in the company’s supply chain transformation and the ability to unlock “incremental” capacity and productivity in Western Canada.

The company has also revised its outlook for the year. It now projects revenue of between C$1.08 billion ($776.8M/€722M) and C$1.10 billion ($791.2M/€735.4M), supported by flat same-store sales growth, 40 new store openings and increased wholesale merchandise sales to Chico franchises.