Pet Valu Holdings Reports Decline in Q3 Profit and Revenue
Canadian pet retailer, Pet Valu Holdings, reports a decline in Q3 profit and revenue, failing to meet analyst expectations.
Pet Valu Holdings, a Canadian pet retailer, has reported a decline in third-quarter profit and revenue growth that missed targets for the period.
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.
While revenue increased by C$17.6 million to C$262.3 million, it fell short of analyst forecasts of C$267.5 million.
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%.
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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