Pet supplies retailer Pet Valu saw higher revenue last year attributed to an increase in retail sales.

The company’s revenue grew 10.9 per cent to C$1.06 billion ($780 million) as same-store sales rose 5.2 per cent.

Earnings before interest, taxes, depreciation, and amortization rose 4.7 per cent to C$206.5 million.

In the fourth quarter, net income jumped 11.2 per cent to C$28.8 million as revenue climbed 7.8 per cent to C$286.9 million. EBITDA increased 21.2 per cent to C$63.5 million

“Our merchandising, marketing and in-store teams successfully navigated shifting consumer demand, to deliver revenue and profit growth in-line with our expectations for the fourth quarter and full year 2023,” said Pet Valu president and CEO Richard Maltsbarger.

For this year, the company estimates revenue of C$1.11 billion to C$1.14 billion, supported by same-store sales growth of between 2 per cent and 5 per cent and 40 to 50 new store openings.