Pet Valu Holdings Reports Decline in Q3 Profit and Revenue

Pet Valu Holdings, a Canadian pet retailer, has reported a decline in third-quarter profit and revenue growth that missed targets for the period.

Decline in Net Income and Earnings

The company's net income for the quarter was 18 million Canadian dollars ($13.1 million), or C$0.25 a share, compared to C$27 million, or C$0.38 a share, in the same quarter last year. Adjusted earnings were in line with analyst expectations at C$0.39 a share, according to a poll on FactSet.

Revenue Growth Below Analyst Forecasts

While revenue increased by C$17.6 million to C$262.3 million, it fell short of analyst forecasts of C$267.5 million.

Sales Performance

Pet Valu's system-wide sales rose by 7.7% to C$357.2 million, driven by customers spending more per transaction. However, same-store sales growth was 4.2%, missing analysts' target of 6.5%.

Expansion and Supply Chain Transformation

During the quarter, Pet Valu opened eight new stores, bringing the total number of stores to 766. Furthermore, the company launched its distribution center in the Greater Toronto Area, marking a significant step forward in its supply chain transformation.

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