07:32 AM EDT, 05/10/2022 (MT Newswires) -- Pet Valu Holdings Ltd. (PET.TO), a retailer of pet food and pet-related supplies, reported Tuesday Q1 2022 revenue rose 25.4% to $213.3 million, versus $170.1 million in Q1 2021. The increase was driven by retail sales, and franchise and other revenues.
Same-store sales growth was 22.8% in Q1 2022 boosted by a 18.4% increase in same-store transactions and a 3.7% increase in same-store average spend per transaction. This compares to same-store sales growth of 6.9% in Q1 2021.
Net income attributable to shareholders was $22.6 million, or $0.32 per diluted share, versus $1.6 million or $0.03 per diluted share, last year.
Adjusted net income was $24.8 million, or $0.35 per share in Q1 2022. The comparative figures were $7.3 million or $0.13 per share for the prior year period.
The Board of Directors declared a dividend of $0.06 per common share payable on June 15.
Pet Valu expects to achieve the following for the full year 2022:
Revenue of between $870 and $895 million (previously $845 - 870 million), supported by same-store sales growth of between 9% and 12% (up from 6%-9%), and 35 to 45 new store openings (prev 30 -45).
Adjusted net income per diluted share was maintained at between $1.37 and $1.44.
The ompany expects YoY growth to be stronger in the first half of 2022, compared to year-over-year growth in the second half of the year. The relative distribution of revenue is expected to be more representative of pre-pandemic years, such as 2019.