Pet Valu’s adjusted net income per share fell to $0.31 from $0.36 despite higher sales amid consumer demand for promotions.
Pet Valu reported first-quarter revenue of $288 million, up 3% year over year, but profitability declined as gross margin dropped to 31.4% from 33.1%. Adjusted net income per diluted share fell to $0.31 from $0.36 in the same period last year.
The company attributed the margin pressure to inflation and higher fuel costs, which pushed Canadian consumers toward value-driven shopping. Loyalty program penetration reached a record 90%, helping Pet Valu maintain market share through promotions and pricing adjustments.
Pet Valu maintained its 2026 revenue growth outlook of 2% to 4% but lowered its profitability target, now expecting an adjusted EBITDA margin of about 21%.