12:09 PM EST, 03/05/2024 (MT Newswires) -- Pet Valu Holdings Ltd. ( PTVLF ) declined more than 4% on Tuesday.

The Canadian pet food and supply retailer reported Q4 results before market open.

"With the mid-point of 2024 EBITDA/EPS guidance coming in 2%/4% below consensus, should push the shares a little lower today," TD Securities analyst Michael Van Aelst said in a note to clients.

Van Aelst said PET's EBITDA and EPS beat TD and consensus forecasts, but same-store sales growth slowed more than expected to 1.9%

"The mention of increased 'price investments' in 2024 could also raise concerns among investors, although should have been expected and is one of the reasons (in addition to higher franchise and eComm mix) why the company does not guide to GM% expansion long-term despite meaningful anticipated benefits from the new DC investments," the analyst said.

Van Aelst maintained a Buy rating and $38 price target on the stock.

PET declined $1.46, or 4.9%, to $28.50 on the Toronto Stock Exchange.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 28.50, Change: -1.46, Percent Change: -4.87