Pet Valu posts “record” 18.6% sales increase in 2021
The revenue of the Canadian retailer was $776 million (€705.2M), up 19.7% from 2020.
The company’s net income hit $98.8 million (€89.8M) in 2021 against $28.6 million (€25.9M) in the previous year.
The same trend was observed in the last quarter of 2021, where sales reached $288.5 million (€262.2M). In the same period of 2020, sales peak at $13.8 million (€12.5M).
Revenue also increased by 9.7% to $223.1 million (€202.7M), compared to $203.4 million (€184.8M) in the fourth quarter of 2020.
Pet Valu President and CEO Richard Maltsbarger said to investors that the strong performance in the last quarter “capped off a record year” for the business.
Maltsbarger also highlighted that the “unique and engaging “customer experiences and omnichannel capabilities helped the company take market share in Canada’s growing pet industry.
The company’s outlook for 2022 looks promising and forecasts a total revenue between $845 million (€768M) and $870 million (€790.7M).
“As we look ahead to 2022, we target another year of growth ahead of our long-term model,” highlighted Maltsbarger.
Pet Valu is planning to open between 30 and 45 new stores this year, 5 to 10 of them under the Chico brand in Quebec.
The retailer has recently entered the Canadian eastern province with the takeover of Chico and its more than 60 franchised locations across the territory.