Pet Valu’s revenue jumped 17.4%, but income dropped in Q1 2023
The Canadian pet retailer said the business performed in line with expectations.
Pet Valu posted sales of C$339.6 million ($253.7M/€231.7M) from January to March, an increase of 18.8% against the same period of 2022.
Revenue hit C$250.3 million ($186.7M/€170.6M), compared to C$213.3 million ($159.2M/€145.4M) last year. Financial platform MarketWatch noted that the retailer’s revenue “beat expectations.”
Despite Pet Valu’s positive revenue, it experienced a decline in income to C$18.7 million ($13.9M/€12.8M). In Q1 2022, Pet Valu earned C$22.6 million ($16.9M/€15.4M).
Top-line growth
Commenting on the mixed results, CEO Richard Maltsbarger said that the business “is off to a great start of 2023.” He highlighted that the “strong top-line growths and margins” in the first quarter of the year performed in line with the retailer’s expectations.
The company expects to hit revenue between C$1,05 billion ($784.3M/€715.7M) and C$1,07 billion ($802.9M/€732.7M), mainly thanks to an increase in same-store sales.
The Canadian retailer hopes to follow through with 40 to 50 new store openings during 2023 and achieve the key milestone of opening the 750th location within the next 5 years.
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