For its year that ended in late December 2023, Markham, Ontario-based Pet Valu Holdings Ltd. reported system-wide sales of $1,419.7 million(Cdn), an increase of ten percent over the previous year. Same-store sales growth was 5.2 percent, primarily driven by same-store average spend per transaction growth. During the company’s fourth quarter, system-wide sales were $379 million(Cdn), an increase of 5.1 percent versus the prior year. Same-store sales growth was 1.9 percent. During the year, Pet Valu opened 17 new stores and ended the year with 783 stores across the network. For the coming year 2024, Pet Valu Holdings expects revenue between $1.11 and $1.14 billion(Cdn), supported by same-store sales growth between Two and five percent and 40 to 50 new store openings. “Our merchandising, marketing and in-store teams successfully navigated shifting consumer demand, to deliver revenue and profit growth in-line with our expectations for the fourth quarter and full year 2023,” said Pet Valu President, CEO Richard Maltsbarger. “Looking into 2024, we plan to deliver another year of growth, further strengthening our leadership in the Canadian pet industry. We have a full agenda of exciting initiatives such as launching Performatrin Culinary, upgrading our digital platform and completing the majority of our supply chain transformation, helping drive an inflection in our free cash flow growth as we approach 2025.” Over 40 years in operation, the chain of neighbourhood stores offer more than 7,000 competitively-priced products, including a broad assortment of premium, super premium, holistic and proprietary brands. Many of the stores are locally owned and operated and the chain targets 3000 to 5000 square foot units in high traffic centres and street front locations.
Pet Valu Canada Inc., 130 Royal Crest Court, Markham, Ontario L3R 0A1 (800/738-8258 www.petvalu.com)