Third Quarter Results and Declares Inaugural Dividend Same-store sales grew 20.3%, or 32.7% on a two-year basis, and Adjusted EBITDA increased 39.4%
Raises full year 2021 guidance
MARKHAM, ON, Nov. 16, 2021 /CNW/ - Pet Valu Holdings Ltd. ("Pet Valu" or the "Company") (TSX: PET), the leading Canadian specialty retailer of pet food and pet-related supplies, today announced its financial results for the third quarter ended October 2, 2021.
Third Quarter Highlights
- System-wide sales(1) grew 24.5% to $258.6 million, primarily driven by same-store sales growth(1) of 20.3% versus the prior year. On a two-year basis, same-store sales growth(1) was 32.7%, above the trend in the first half of 2021.
- Revenue was $200.7 million, an increase of 25.6% versus the prior year, in-line with system-wide sales growth.
- Adjusted EBITDA grew 39.4% to $50.7 million, representing 25.2% of revenue, up 250 basis points versus the prior year.
- Net income was $24.3 million, up from $8.7 million in the prior year.
- Adjusted Net Income(1) was $27.7 million or $0.39 per diluted share.
- The Company opened 6 new stores in the quarter and has increased its network by 30 stores over the last 12 months.
- The Board of Directors has declared a dividend of $0.01 per common share.