Pet Valu Canada reported its second quarter 2024 financial results, showing a revenue increase of 3.5% to $265.2 million. Despite economic challenges, the company achieved a 7% rise in Adjusted EBITDA to $57.7 million. However, net income decreased by 26% to $17.8 million, mainly due to increased distribution and occupancy costs from new distribution centers and higher interest expenses.
The company opened five new stores, bringing its total to 799, and revised its 2024 outlook, expecting revenue between $1.08 and $1.11 billion and flat same-store sales growth. CEO Richard Maltsbarger emphasized the successful implementation of strategic initiatives, including the launch of an upgraded digital platform and the rollout of new pet food products. Despite the revenue growth, challenges such as higher operational costs and subdued consumer spending influenced the financial results.
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