Pet Valu Holdings Ltd. PET-T reported a second-quarter profit of $17.8-million, down from $24.1-million a year earlier.
The pet food and pet-related supplies retailer says the profit amounted to 25 cents per diluted share for the quarter ended June 29, down from 33 cents per diluted share in the same quarter last year.
Revenue totalled $265.2-million, up from $256.4-million a year earlier.
On an adjusted basis, Pet Valu says it earned $25.9-million or 36 cents per diluted share in its latest quarter compared with $26.3-million or 36 cents per diluted share a year earlier.
In its outlook, the retail says it expects revenue between $1.08-billion and $1.11-billion for 2024, supported by 40 to 50 new store openings, higher wholesale merchandise sales penetration with Chico franchisees, and approximately flat same-store sales growth.
Adjusted net income per diluted share is expected to be between $1.50 and $1.55 for the year.