Pet Valu Holdings Ltd. reported a first-quarter profit of $17.5 million, down from $18.7 million a year earlier, as its revenue rose four per cent.

The pet food retailer says its profit amounted to 24 cents per diluted share for the quarter ended March 30 compared with a profit of 26 cents per diluted share in the same quarter last year.

Revenue for the quarter totalled $260.8 million, up from $250.3 million a year earlier.

The overall increase came as retail sales revenue totalled $100.3 million for the quarter, down from $102.0 million a year earlier, while franchise and other revenue amounted to $160.5 million, up from $148.3 million a year ago.

Same-store sales rose 0.8 per cent in the quarter, boosted by a 3.2 per cent increase in same-store average spend per transaction, offset in part by a 2.3 per cent drop in same-store transactions. 

On an adjusted basis, Pet Valu says it earned 35 cents per diluted share in its latest quarter, up from an adjusted profit of 32 cents per diluted share in the same quarter last year.

This report by The Canadian Press was first published May 7, 2024.