Pet Valu reports second quarter results

Pet Valu Holdings, the leading Canadian specialty retailer of pet food and pet-related supplies, announces its financial results for the second quarter ended July 2, 2022.

Second Quarter Highlights

• System-wide sales⁽²⁾ were $312.5 million, an increase of 35.0% versus the prior year. Excluding Chico⁽³⁾, system-wide sales grew 24.4%, and same-store sales⁽²⁾ grew 21.2%, with both basket and traffic growth contributing.
  
  
• Revenue was $227.7 million, an increase of 25.0% versus the prior year. Excluding Chico, revenue grew 23.6%, in-line with system-wide sales growth.
  
  
• Adjusted EBITDA⁽¹⁾ was $52.1 million, up 23.0%, representing 22.9% of revenue.
  
  
• Operating income was $39.3 million, up 48.0% versus the prior year.
  
  
• Net income was $25.3 million, down from $44.3 million in the prior year.
  
  
• Adjusted Net Income⁽¹⁾ was $28.1 million or $0.39 per diluted share, up 222.7% and 225.0%, respectively, versus the prior year.
  
  
• Opened 13 new stores and ended the quarter with 717 stores across the network.
  
  
• The Board of Directors declared a dividend of $0.06 per common share.