07:14 AM EDT, 05/07/2024 (MT Newswires) -- Pet Valu Holdings ( PTVLF ) on Tuesday said its first-quarter profit narrowed even as revenue rose.

The pet food and pet supplies company made a profit of $17.5 million, or $0.24 per diluted share, compared with $18.7 million, or $0.26 per diluted share in the same quarter last year.

Revenue rose 4.2% to $260.8 million, from last year's $250.3 million. Same-store sales growth was 0.8%, compared with 9.4% in Q1 2023

On an adjusted basis, Pet Valu ( PTVLF ) reported net income of $25.3 million, or $0.35 per diluted share, up from $23 million, or $0.32 per share, in the prior year period.

The Board declared a dividend of $0.11 per common share, payable on June 17.

For the full year 2024, Pet Valu ( PTVLF ) expects revenue between $1.11 billion and $1.14 billion, supported by same-store sales growth of between 2% and 5%, 40 to 50 new store openings and higher wholesale merchandise sales penetration with Chico franchisees. Adjusted earnings per diluted share is forecast to be between $1.57 and $1.63.