Pet Valu Holdings Ltd., the leading Canadian specialty retailer of pet food and pet-related supplies, announced Tuesday its financial results for the second quarter ended June 28, 2025, indicating a business that is growing.
“Our business strengthened throughout the quarter, with same-store sales and revenue growth supported by positive same-store transaction growth, supporting raising our overall outlook for the year,” said Richard Maltsbarger, Chief Executive Officer of Pet Valu. “We are also excited to announce we have completed our multi-year distribution centre network transformation, creating an incredibly effective, omnichannel, coast-to-coast supply chain ready to support our long-term growth goal of over 1,200 stores,” said Richard Maltsbarger, Chief Executive Officer of Pet Valu.
Pet Valu announced that its Board of Directors unanimously approved the recommendation of Maltsbarger to implement a senior leadership succession plan. Greg Ramier, the company’s current President and Chief Operating Officer, will succeed Maltsbarger as CEO and be appointed to the company’s Board of Directors effective September 21, coinciding with Pet Valu’s annual store manager and franchise conference.
The retailer said Maltsbarger will continue in his role as CEO until September 21, after which he will move into the role of Senior Advisor to assist with the leadership transition until his retirement on April 4, 2026. Maltsbarger will continue to serve as a member of Pet Valu’s Board of Directors until his retirement date.
“It’s been the honour of my career to lead Pet Valu’s evolution since 2018. Thanks to the passion of our ACEs and franchisees, and the support of our Board of Directors, we’ve become Canada’s #1 pet specialty retailer in stores and market share serving Canada’s most devoted pet lovers. Together, we transformed our customer-facing technologies and supply chain, expanded our loyalty and digital platforms, and opened more than 250 new stores — more than doubling revenue and quintupling net income,” said Maltsbarger. “With this incredible momentum, now is the time to hand over the reins to Greg. I have every confidence as he leads Pet Valu’s next chapter of growth, and I look forward to working closely with him as he transitions into the role.”
“On behalf of Pet Valu, I want to thank Richard for his incredible leadership and the lasting impact he has had on our business – from sharpening our strategy to elevating our culture – and his commitment to making this a successful transition. His vision and energy played a huge role in getting us to where we are today,” said Tony Truesdale, Chairman of Pet Valu’s Board of Directors. “Greg has been a driving force in the commercial momentum we have achieved over the past year, and we are excited to see him step into the CEO role.”
Ramier joined Pet Valu as President & COO in August 2024 and has led several commercial planning and strategic initiatives that have contributed to the current sales and revenue momentum in the business. Mr. Ramier previously served over 20 years with Loblaw Companies Ltd., including senior executive positions leading the Market Division and Emerging Business segments, as well as experiences in financial services, supply chain, and retail operations.
“It’s a real honour to step into the CEO role and I’m excited to carry the momentum forward as we continue to grow, innovate and deliver great experiences for our devoted pet lovers, our franchisees, and our ACEs,” said Ramier. “I look forward to working with Richard over the coming months as we continue to deliver long-term growth.”
Second Quarter Highlights
- System-wide sales were $369.9 million, an increase of 4.6% versus Q2 2024. Same-store sales growth was 2.6%.
- Revenue was $280.6 million, up 5.8% versus Q2 2024.
- Adjusted EBITDA was $60.2 million, up 4.2% versus Q2 2024, representing 21.4% of revenue. Operating income was $36.7 million, up 8.7% versus Q2 2024.
- Net income was $21.8 million, up from $17.8 million in Q2 2024.
- Adjusted Net Income was $26.2 million or $0.38 per diluted share, compared to $25.9 million or $0.36 per diluted share, respectively, in Q2 2024.
- Opened 3 new stores and ended the quarter with 833 stores across the network.
- Repurchased for cancellation 2.3 million common shares for total consideration of $65.5 million. Free cash flow was $27.1 million.
- The Board of Directors of the Company declared a dividend of $0.12 per common share.
2025 Outlook
- The Company expects revenue between $1.18 and $1.21 billion, Adjusted EBITDA between $257 and $262 million, Adjusted Net Income per Diluted Share between $1.63 and $1.68 and Net Capital Expenditures of approximately $45 million.
Pet Valu is Canada’s leading retailer of pet food and pet-related supplies with over 800 corporate-owned or franchised locations across the country.
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