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MARKHAM, Ont. — Pet Valu Holdings Ltd. raised its dividend because it reported a revenue of $25.9 million in its newest quarter, down from $26.7 million a 12 months earlier.

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The pet meals and provides retailer says it would now pay a quarterly dividend of 10 cents per share, up from six cents per share.

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The elevated cost to shareholders got here because it stated its revenue amounted to 36 cents per diluted share for the 13-week interval ended Dec. 31, down from 37 cents per diluted share a 12 months earlier.

Income totalled $266.0 million, up from $223.1 million in the identical quarter a 12 months earlier, helped by larger retail gross sales, in addition to franchise and different revenues and the corporate’s acquisition of Les Franchises Chico Inc. Identical-store gross sales progress got here in at 11.8 per cent boosted by a 4.6 per cent enhance in same-store transactions and a 6.9 per cent enhance in same-store common spend per transaction.

On an adjusted foundation, Pet Valu says it earned 43 cents per diluted share in its fourth quarter, up from 41 cents per diluted share within the fourth quarter of 2021.

In its outlook for 2023, the corporate says it expects income between $1.05 billon and $1.075 billion, pushed by same-store gross sales progress between seven and 10 per cent and 40 to 50 new retailer openings. Adjusted web earnings per diluted share is anticipated between $1.60 and $1.66 for the 12 months.

This report by The Canadian Press was first revealed March 7, 2023.

Corporations on this story: (TSX:PET)