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State: 17.08.2024 | 11PM
Tue, 05.11.2024       Pet Valu
CA71584R1055

Grows Revenue by 5%, Increases Adjusted EBITDA(1) by 13%, and Narrows 2024 Outlook

MARKHAM, ON, Nov. 5, 2024 /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 September 28, 2024.

Third Quarter Highlights

System-wide sales(2) were $358.2 million, an increase of 0.3% versus Q3 2023. Same-store sales growth(2) was -2.5%.Revenue was $276.0 million, up 5.2% versus Q3 2023.Adjusted EBITDA was $64.6 million, up 13.0% versus Q3 2023, representing 23.4% of revenue. Operating income was $40.4 million, up 8.0% versus Q3 2023.Net income was $23.2 million, up from $18.0 million in Q3 2023.Adjusted Net Income(1) was $29.9 million or $0.41 per diluted share, compared to $28.2 million or $0.39 per diluted share, respectively, in Q3 2023.Opened 6 new stores and ended the quarter with 805 stores across the network.Officially opened the new Metro Vancouver Region ("MVR") distribution centre.The Board of Directors of the Company declared a dividend of $0.11 per common share.
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