Pet Valu’s offline sales increased by 17% in 2022
The Canadian pet retailer posted an “exceptional” year, hitting yearly revenue of $950 million.
Same-store sales grew by 17.1%, “primarily driven” by an 11.8% surge in purchases and a 4.8% rise in average spend per transaction.
Revenue jumped by 22.6% to $951.7 million (€894M), sparked by a rise in retail sales, franchise, and other incomes.
Gross profit increased by $65.1 million (€61M) to $352.3 million (€331M), boosted by higher wholesale merchandise sales and improved franchise transactions.
In the last quarter of the year, Pet Valu reached $266 million (€250M) in revenue. The retailer’s gross profit also increased over the previous 3 months of 2022 thanks to higher sales in national brands.
Leading position
President and CEO Richard Maltsbarger said: “We are continuing to take market share through our store expansion and compelling offerings, reinforcing our leading position in the very resilient Canadian pet industry.”
He added that the company expects 2023 to grow above the industry’s long-term run rate.
Pet Valu expects to post revenues between $1.05 million (€99M) and $1.07 billion (€1B) in 2023, along with same-store sales growth of 7% to 10%. It also plans to open 40 to 50 new stores.