Pet Valu increases revenue by 22%
The Canadian pet retailer earned C$244.7 million ($184M) in the third quarter of the year, driven by in-store sales.
The company‘s revenue registered an increase of $44 million (+21.9%) in the quarter ending on 1 October 2022, slightly lower than the increase in the previous quarter (+25%).
The net income increased to C$27 million ($20.3M) in Q3 of 2022, compared to C$24.3 million ($18.3M) in the same period 2021. The retailer’s profit increased by 19.4% to C$93.5 million ($70.3M) in the quarter.
Richard Maltsbarger, President and Chief Executive Officer of Pet Valu, said the company sees “robust signals” in the business.
“Significant” advancements
Maltsbarger told investors that the company made relevant progress in its strategic agenda in the last 3 months. This progress includes the rollout of the AutoShip subscription service in September and the launch of the Performatrin Ultra dog and cat brand across Chico stores in Quebec.
Pet Valu expects to post revenue between C$938 million ($705.4M) and C$947 million ($712.2M) in 2022. “We have once again raised our 2022 outlook, built on recent performance, and our excitement as we head into the holiday season,” he added.
The retailer said it opened 13 new stores up to October 2022, bringing the total to 729 across Canada. It expects to open 40 to 45 new stores in the fourth quarter of 2022. In a recent interview with GlobalPETS, Pet Valu’s CEO said they plan to open between 80 and 120 new stores in the next 2 to 3 years.
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