Pet Valu reported solid financial results for the first quarter of 2024, demonstrating growth in revenue and adjusted EBITDA. Here are the key highlights from the quarter:
- System-wide sales increased by 3.9% to $352.9 million compared to the prior year, driven by same-store sales growth of 0.8%.
- Revenue grew by 4.2% to $260.8 million, reflecting the growth in system-wide sales.
- Adjusted EBITDA increased by 15.9% to $56.6 million, representing 21.7% of revenue.
- Operating income was $33.3 million, down 4.5% compared to the prior year.
- Net income was $17.5 million, slightly lower than the previous year's $18.7 million.
- Adjusted Net Income was $25.3 million or $0.35 per diluted share, compared to $23.0 million or $0.32 per diluted share in the prior year.
- The company opened 11 new stores during the quarter, bringing the total store count to 794.
- The board of directors declared a dividend of $0.11 per common share.
Despite the challenges, Pet Valu remains optimistic about its performance and reaffirmed its outlook for the full year 2024. With steady growth in revenue and adjusted EBITDA, the company is well-positioned to continue serving as a leading specialty retailer of pet food and supplies in Canada.
