Petz increases market share despite “fiercer” competition in 2023

Petz Group posted a gross revenue of R$3.8 billion ($760M/€700M) in 2023, a 12.5% increase from the previous year.

Gross revenue from acquisitions increased by 12.8% to R$115 million ($23.1M/€21.1M), with the retailer seeing positive results from Zee.Dog’s Black Friday event, the performance of Zee.Now and Petix sales. 

Petz opened 30 new stores in 2023, taking its total to 246 locations across 23 states.

Despite the overall positive results, the company acknowledged that growth in the pet sector was “more moderate” compared to previous years and noted lower consumer disposable income. 

Petz also noted that despite facing “slightly fiercer” competition in 2023, it saw a slight increase in its market share during the year. 

Q4 2023 performance

Petz posted a gross revenue of R$983.9 million ($197.9M/€180.8M) in Q4 2023, a 5.2% increase compared to the same period in the previous year. 

The company’s standalone product gross revenue stood at R$860.6 million ($173.1M/€158.1M), a 6% year-over-year increase. Its standalone digital gross revenue was R$352.6 million ($70.9M/€64.7M), a 15.4% year-over-year growth, accounting for 39.6% of Petz’s gross revenue. 

The launch of new private-label products represented around 8.5% of gross product revenue as of December 2023. “The expansion of the private label portfolio highlights our capacity for innovation and differentiation compared to the competition (specialized or not),” says a company spokesperson.

Petz also opened 10 new stores in the fourth quarter, with 5 of them outside the state of São Paulo. 

Strong prospects

The Brazilian retailer aims to grow its total revenue in 2024 by increasing customer retention and items in baskets, store expansion plans, service restructuring, improvement of physical store experience and discipline in cash management.

In the long term, the company highlights that its prospects “remain strong” due to population growth and the growing trend of pet humanization.