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The days of Pet Valu Holdings (TSX:PET) holding value seem to be pretty far behind us. Pet Valu stock soared in share price during the pandemic, having a perfectly timed initial public offering as well. However, since then, inflation and interest rates have hurt the company fairly severely. And this was seen again during earnings.
What happened?
Shares of Pet Valu stock were down by almost 5% on Tuesday as the company came out with first-quarter earnings. The pet food retailer reported first-quarter profit of $17.5 million, which alone was a decrease from the $18.7 million it reported the year before.
Revenue for Pet Valu stock totalled $260.8 million, which was an increase from the $250.3 million the stock saw the year before. Same-store sales rose slightly as well, which was helped by a 3.2% increase in same-store average spend per transaction. However, overall, it was a muted report for the company.
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