A Pet Valu store is pictured in Ottawa, Tuesday, Sept. 13, 2022. Pet Valu Holdings Ltd. raised its dividend as it reported a profit of $25.9 million in its latest quarter, down from $26.7 million a year earlier, but higher sales. THE CANADIAN PRESS/Sean Kilpatrick
MARKHAM, Ont. – Pet Valu Holdings Ltd. raised its dividend as it reported a profit of $25.9 million in its latest quarter, down from $26.7 million a year earlier.
The pet food and supplies retailer says it will now pay a quarterly dividend of 10 cents per share, up from six cents per share.
The increased payment to shareholders came as it said its profit amounted to 36 cents per diluted share for the 13-week period ended Dec. 31, down from 37 cents per diluted share a year earlier.
Revenue totalled $266.0 million, up from $223.1 million in the same quarter a year earlier, helped by higher retail sales, as well as franchise and other revenues and the company’s acquisition of Les Franchises Chico Inc. Same-store sales growth came in at 11.8 per cent boosted by a 4.6 per cent increase in same-store transactions and a 6.9 per cent increase in same-store average spend per transaction.
On an adjusted basis, Pet Valu says it earned 43 cents per diluted share in its fourth quarter, up from 41 cents per diluted share in the fourth quarter of 2021.
In its outlook for 2023, the company says it expects revenue between $1.05 billon and $1.075 billion, driven by same-store sales growth between seven and 10 per cent and 40 to 50 new store openings. Adjusted net income per diluted share is expected between $1.60 and $1.66 for the year.
This report by The Canadian Press was first published March 7, 2023.
Companies in this story: (TSX:PET)
