08:12 AM EST, 11/08/2022 (MT Newswires) -- Pet Valu Holdings Ltd. (PET.TO), a Canadian specialty retailer of pet food and pet-related supplies, on Tuesday reported Q3 adjusted net income of $30.7 million, or $0.43 per diluted share, compared with $27.7 million, or $0.39 per share, a year earlier.
Analysts polled by Capital IQ expected EPS at $0.37.
Revenue for the quarter ended Oct. 1 was $244.7 million, compared with $200.7 million a year earlier. Analysts surveyed by Capital IQ expected revenue at $230.1 million.
The company declared a dividend of $0.06 per common share payable on Dec. 15 to holders of common shares of record as at the close of business on Nov. 30.
Pet Valu also raised its 2022 outlook, based on strong performance year-to-date and expectations for fourth quarter. It now expects to achieve revenue between $938 million and $947 million, supported by same-store sales growth of between 15.5% and 16.5%, and 40 to 45 new store openings for the full year 2022. It expects adjusted EBITDA between $212 million and $214 million, and adjusted net income per diluted share between $1.56 and $1.58.
At the time of its Q2 results, the company had said it expected 2022 revenue between $912 million and $928 million, driven by same-store sales growth between 13% and 15% and 35-45 new store openings. It previously expected adjusted EBITDA between $203 million and $207 million and adjusted net income per diluted share between $1.47 and $1.51.