Pet Valu Holdings Ltd. reported net income of $18.0 million in its latest quarter, down from $27.0 million a year ago, even as its revenue rose.

The pet food and supplies retailer says the profit amounted to 25 cents per diluted share for the quarter ended Sept. 30, down from 38 cents per diluted share a year earlier.

Revenue for the company's third quarter totalled $262.3 million, up from $244.7 million in the same quarter last year.

The company says the increase came as same-store sales gained 4.2 per cent, helped by a 4.0 per cent increase in same-store average spend per transaction and a 0.2 per cent gain in same-store transactions.

On an adjusted basis, Pet Valu says it earned 39 cents per diluted share in its most recent quarter, down from an adjusted profit of 43 cents per diluted share a year earlier.

In its outlook for its full year, Pet Valu says it expects revenue of between $1.055 billion and $1.065 billion. Adjusted net income per diluted share for the year is expected between $1.60 and $1.63.

This report by The Canadian Press was first published Nov. 7, 2023.