MARKHAM, Ont. — Pet Valu Holdings Ltd. reported first-quarter profit of $22.6 million, up from $3.4 million a year ago, and raised its full-year revenue outlook.

The pet supplies retailer said the profit amounted to 32 cents per diluted share for the quarter ended April 2, up from three cents per diluted share a year earlier.

Revenue totalled $213.3 million, up from $170.1 million in the same quarter last year. Same-store sales growth was 22.8 per cent for the quarter driven by an 18.4 per cent increase in same-store transactions and a 3.7 per cent increase in same-store average spend per transaction.

On an adjusted basis, Pet Valu said it earned 35 cents per diluted share in its latest quarter, up from an adjusted profit of 13 cents per diluted share a year earlier.

In its revised outlook, Pet Valu said it now expects revenue between $870 million and $895 million for its full year and same-store sales growth between nine and 12 per cent.

The new guidance compared with earlier expectations for revenue between $845 million and $870 million and same-store sales growth between six and nine per cent.

This report by The Canadian Press was first published May 10, 2022.

Companies in this story: (TSX:PET)