MARKHAM, Ont. — Pet Valu Holdings Ltd. raised its quarterly dividend by 10 per cent as it reported its fourth-quarter profit and sales rose compared with a year ago.

The retailer of pet food and supplies says it will now pay a quarterly dividend of 11 cents per share, up from 10 cents.

The increased payment to shareholders came as Pet Valu says it earned $28.8 million or 40 cents per diluted share for the quarter ended Dec. 30, up from $25.9 million or 36 cents per diluted share a year earlier.

Revenue totalled $286.9 million, up from $266.0 million in its fourth quarter last year.

Same-store sales were up 1.9 per cent as a 3.0 per cent increase in same-store average spend per transaction was partially offset by a 1.1 per cent decrease in same-store transactions.

On an adjusted basis, Pet Valu says it earned 54 cents per diluted share in its latest quarter, up from an adjusted profit of 43 cents per diluted share a year earlier.

This report by The Canadian Press was first published March 5, 2024.

Companies in this story: (TSX:PET)

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