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Pet Valu Holdings Ltd., the Markham, Ontario-based chain of pet food and pet-related supplies stores expects revenue between $1,050-million and $1,075-million(Cdn) for its full 2023. This anticipated increase will be driven by same-store sales growth between seven percent and ten percent and 40 to 50 new store openings. During its second quarter that ended in early July 2023, the company reported system-wide sales of $343.9-million, up by 10.1 percent over the previous second quarter. During the quarter, same-store-sales were up by six percent, largely due to increase traffic and higher transaction sales. During the quarter, the company added seven new stores to end the quarter with 758 stores across the country. “We are pleased with our second quarter results, rounding out strong performance for the first half of 2023, in which our business delivered on all key metrics,” said Richard Maltsbarger, President and CEO. “Our double-digit growth in consumables, such as pet food and cat litter, makes it clear our expert level customer service, curated offering of premium products and strengthening omni-channel shopping capabilities continue to resonate with devoted pet lovers across Canada.” He added that the chain will continue to invest in its customer service, grow its franchise ownership base and will accelerate investments in its eCommerce platform. Operating under various banners, the stores are corporate-owned or franchised. 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)