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Pet Valu CEO Richard Maltsbarger.Handout

Pet Valu Holdings Ltd. PET-T reported second-quarter net income of $25.3 million, down from $44.3 million a year ago, and raised its full-year outlook.

The pet supplies retailer says revenue totalled $227.7 million, up from $182.2 million in the same quarter last year, an increase of 25 per cent.

System-wide sales were $312.5 million in the second quarter, an increase of 35 per cent versus the prior year.

Same-store sales were up 21.2 per cent in the second quarter, primarily driven by a 19.3 per cent increase in same-store transactions and a 1.5 per cent increase in same-store average spend per transaction. This is compared to same-store sales growth of 28.4 per cent in the same period last year.

Pet Valu has raised its full-year outlook for 2022 and says it now expects revenue between $912 million and $928 million, driven by same-store sales growth between 13 per cent and 15 per cent and 35 to 45 new store openings. That is compared to previous expectations of revenue between $870 million and $895 million and same-store sales growth between nine per cent and 12 per cent.

Pet Valu’s board of directors also declared a dividend of six cents per common share payable on Sept. 15.

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