Canadian pet food and supplies retailer Pet Valu Holdings Ltd. offered an ambitious outlook for 2023 on Tuesday, saying it expects to grow revenue, increase sales and expand its share of the lucrative pet industry market this year.
The forecast, part of its latest earnings release, includes projected revenue of more than a billion dollars, driven by anticipated same-store sales growth of up to 10 per cent.The outlook came as the company raised its dividend and reported a profit of $25.9 million in its latest quarter, down from $26.7 million a year earlier.
The increased payment to shareholders came as 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. 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.
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