Delivers Robust Same-Store Sales
Growth(1) of 9.4% and Reaffirms 2023
Outlook
MARKHAM,
ON, May 9, 2023 /CNW/ - Pet Valu Holdings
Ltd. ("Pet Valu" or the "Company") (TSX: PET), the leading Canadian
specialty retailer of pet food and pet-related supplies, today
announced its financial results for the first quarter ended
April 1, 2023.
First Quarter Highlights
- System-wide sales(1) were $339.6 million, an increase of 18.8% versus the
prior year, or 12.6% excluding Chico(2).
Same-store sales growth was 9.4%.
- Revenue was $250.3 million, up
17.4% versus last year. Excluding Chico, revenue grew 16.1%.
- Adjusted EBITDA(3) was $48.8 million, up 4.3% versus the prior year,
representing 19.5% of revenue. Operating income was $34.9 million, down 0.8% versus the prior
year.
- Net income was $18.7 million,
down from $22.6 million in the prior
year.
- Adjusted Net Income(3) was $23.0 million or $0.32 per diluted share, compared to $24.8 million or $0.35 per diluted share, respectively, in the
prior year.
- Opened 7 new stores and ended the quarter with 751 stores
across the network.
- The Board of Directors of the Company declared a dividend of
$0.10 per common share.
2023 Outlook
- The Company expects 2023 revenue between $1,050 and $1,075
million, driven by same-store sales growth between 7% and
10% and 40-50 new store openings, Adjusted EBITDA between
$230 and $237
million and Adjusted Net Income per Diluted
Share(3) between $1.60 and $1.66.
"Our business is off to a great start in 2023, with strong
top-line growth and margins in the first quarter performing in-line
with our expectations," said Richard
Maltsbarger, President and Chief Executive Officer of Pet
Valu. "Exceptional execution from merchandising teams helped to
navigate significant foreign exchange headwinds, while improving
supply chain conditions enabled our best fill rates to our
corporate and franchise stores in five years, all while achieving a
key milestone with the opening of our 750th store.
"We are excited for our growth potential in 2023, and are
reaffirming our full year outlook," continued Mr. Maltsbarger. "Our
teams remain steadfast in their focus on our strategic priorities,
which are anchored in delivering long-term, profitable
growth."
Financial Results for the First Quarter Fiscal 2023
All comparative figures below are for the 13-week period
ended April 1, 2023, compared to the 13-week period ended
April 2, 2022.
Revenue was $250.3 million
in Q1 2023, an increase of $37.0
million, or 17.4%, compared to $213.3
million in Q1 2022. The current quarter includes
$3.6 million of franchise and other
revenues from Chico compared to $0.8
million in the comparative quarter given the timing of the
acquisition. The increase in revenue was driven by growth in retail
sales, as well as franchise and other revenues.
Same-store sales growth was 9.4% in Q1 2023 primarily
driven by a 3.0% increase in same-store transactions and a 6.3%
increase in same-store average spend per transaction. Same-store
sales growth in Q1 2023 included a negative impact of approximately
1.2% due to the timing of New Year's day. This is compared to
same-store sales growth of 22.8% in Q1 2022, which primarily
consisted of an 18.4% increase in same-store transactions and a
3.7% increase in same-store average spend per transaction. Q1 2022
same-store sales growth was elevated given the comparative period,
Q1 2021, was impacted by a shift in consumer behaviour associated
with COVID-19 restrictions.
Gross profit increased by $10.1
million, or 13.1%, to $87.2
million in Q1 2023, compared to $77.1
million in Q1 2022. Gross profit margin was 34.8% in Q1
2023, compared to 36.1% in Q1 2022. The gross profit margin
decrease was primarily driven by: (i) the unfavourable impact of
the weaker Canadian dollar on non-domestic sourced products
primarily denominated in U.S. dollars; (ii) higher wholesale
merchandise sales due to increased franchise penetration and
improved fill rates to franchisees; partially offset by (iii)
favourable product margins due to lower freight costs; and (iv) the
acquisition of Chico.
Selling, general and administrative ("SG&A") expenses
were $52.3 million in Q1 2023, an
increase of $10.4 million, or 24.9%,
compared to $41.9 million in Q1 2022.
SG&A expenses represented 20.9% and 19.7% of total revenue for
Q1 2023 and Q1 2022, respectively. The $10.4 million increase in SG&A expenses
was primarily due to: (i) increased compensation costs as a result
of headcount and salary investments; (ii) higher technology costs
to modernize our systems including our warehousing and omni-channel
capabilities; (iii) higher advertising expenses; (iv) higher
depreciation and amortization from store growth and investments and
other assets; partially offset by (v) lower professional fees.
Adjusted EBITDA increased by $2.0 million, or 4.3%, to $48.8 million in Q1 2023, compared to
$46.8 million in Q1 2022. Adjusted
EBITDA excludes $2.3 million of
higher costs from business transformation, investment in associate
including the derecognition of the related call option in Q1 2023,
other professional fees, information technology transformation,
share-based compensation, and loss (gain) on foreign exchange.
Adjusted EBITDA was also impacted by lower EBITDA of $0.3 million in Q1 2023 compared to Q1 2022.
Adjusted EBITDA as a percentage of revenue was 19.5% and 21.9% in
Q1 2023 and Q1 2022, respectively.
Net interest expense was $6.9
million in Q1 2023, an increase of $2.9 million, or 73.5%, compared to $4.0 million in Q1 2022. The increase was
primarily driven by higher interest expense on the 2021 Term
Facility (as defined in the Company's management' discussion and
analysis ("MD&A") for the first quarter ended April 1,
2023) resulting from higher interest rates compared to Q1 2022.
Income taxes were $7.5 million in Q1 2023 compared to
$8.6 million in Q1 2022, a
decrease of $1.1 million year over
year. The decrease in income taxes was primarily the result of
lower taxable earnings in Q1 2023. The effective income tax rate
was 28.6% in Q1 2023 compared to 27.4% in Q1 2022. The Q1 2023 and
Q1 2022 effective tax rate is higher than the blended statutory
rate of 26.5% primarily because of the loss on the derecognition of
the call option related to an investment in associate and
non-deductible expenses.
Net income decreased by $3.9
million to $18.7 million
in Q1 2023, compared to $22.6 million in Q1 2022. The decrease in
net income is primarily explained by the loss on the derecognition
of the call option related to an investment in associate, higher
net interest expense, as described above, and partially offset by
the lower income taxes, as described above.
Adjusted Net Income decreased by $1.9 million to $23.0 million in Q1 2023, compared to
$24.8 million in Q1 2022.
Adjusted Net Income as a percentage of revenue was 9.2% in Q1 2023
and 11.6% in Q1 2022. The 2.5% year over year decrease results from
the factors described above.
Adjusted Net Income per Diluted Share decreased by
$0.03 to $0.32 in Q1 2023, compared to $0.35 in Q1 2022. The 8.6% year over year
decrease results primarily from the factors described above.
Cash at the end of the first quarter totaled $12.3 million.
Free Cash Flow(3) amounted to
$(16.7) million in Q1 2023 compared to $(15.1) million in
Q1 2022, a decrease of $1.6 million mostly driven by an increase in
repayment of principal on lease liabilities due to the timing of
year-end in Q4 2022, lower cash provided by operating activities,
partially offset by lower use of cash in investing activities.
Inventory at end of Q1 2023 was $140.1 million compared to $118.4 million at the end of Q4 2022, an
increase of $21.7 million primarily
due to growth in revenue, improved vendor fill rates and timing of
receipts resulting from global supply chain improvements.
Dividends
On May 8, 2023, the Board of
Directors of the Company declared a dividend of $0.10 per common share payable on June 15, 2023 to holders of common shares of
record as at the close of business on May
31, 2023.
Outlook
For the full year 2023, the Company expects:
- Revenue between $1,050 and
$1,075 million, supported by
same-store sales growth of between 7% and 10%, and 40 to 50 new
store openings;
- Gross profit margin slightly below the Company's historical
range of 35% to 36%, as the Company faces unfavourable foreign
exchange rates and incurs approximately 80 basis points of cost
associated with its supply chain transformation;
- Adjusted EBITDA between $230 and
$237 million, which incorporates
expense leverage on investments made in 2022, partially offset by
the unfavourable foreign exchange rates;
- Adjusted Net Income per Diluted Share between $1.60 and $1.66;
- Business transformation costs of approximately $13 million, Information Technology costs of
approximately $7 million, and
share-based compensation of approximately $8
million, all of which are excluded from Adjusted EBITDA and
Adjusted Net Income per Diluted Share; and
- Net Capital Expenditures(3) of approximately
$60 million, roughly half of which is
attributable to investments in the Company's supply chain
transformation.
(1) This is
a supplementary financial measure. Refer to "Non-IFRS Measures and
Supplementary Financial Measures" below and to the section entitled
"How We Assess the Performance of our Business in the MD&A for
the definitions of supplementary financial measures.
|
(2) On
February 25, 2022, the Company acquired all of the issued and
outstanding shares of Les Franchises Chico Inc. and 9353-0145
Quebec Inc. (collectively referred to as "Chico"), a franchisor of
pet specialty stores in Quebec.
|
(3)
This is a Non-IFRS financial measure. Non-IFRS financial
measures are not recognized measures under IFRS and do not have
standardized meanings prescribed by IFRS. They are therefore
unlikely to be comparable to similar measures presented by other
companies. Refer to "How We Assess the Performance of our Business"
in the MD&A for the fiscal year ended December 31, 2022 for the
definitions of Non-IFRS financial measures.
|
Conference Call Details
A conference call to discuss the Company's first quarter results
is scheduled for May 9, 2023, at
8:30 a.m. ET. To access Pet Valu's
conference call, please dial 1-833-950-0062 (ID: 686748). A live
webcast of the call will also be available through the Events &
Presentations section of the Company's website at
https://investors.petvalu.com/.
For those unable to participate, a playback will be available
shortly after the conclusion of the call by dialing 1-226-828-7578
(ID: 261296) and will be accessible until May 16, 2023. The webcast will also be archived
and available through the Events & Presentations section of the
Company's website at https://investors.petvalu.com/.
About Pet Valu
Pet Valu is Canada's leading
retailer of pet food and pet-related supplies with over 700
corporate-owned or franchised locations across the country. For
more than 40 years, Pet Valu has earned the trust and loyalty of
pet parents by offering knowledgeable customer service, a premium
product offering and engaging in-store services. Pet Valu's
neighbourhood stores offer more than 7,000 competitively-priced
products, including a broad assortment of premium, super premium,
holistic and award-winning proprietary brands. To learn more,
please visit: www.petvalu.com.
Non-IFRS Measures and Supplementary Financial
Measures
This press release makes reference to certain non-IFRS measures.
These measures are not recognized measures under IFRS and do not
have a standardized meaning prescribed by IFRS. They are therefore
unlikely to be comparable to similar measures presented by other
companies. Rather, these measures are provided as additional
information to complement IFRS measures by providing further
understanding of the Company's results of operations from
management's perspective. Accordingly, they should not be
considered in isolation nor as a substitute for analysis of the
Company's financial information reported under IFRS. Pet Valu uses
non-IFRS measures, including "EBITDA", "Adjusted EBITDA", "Adjusted
Net Income", Adjusted Net Income per Diluted Share", "Free Cash
Flow" and "Net Capital Expenditures". This press release also makes
reference to certain supplementary financial measures that are
commonly used in the retail industry, including "System-wide
stores", "System-wide sales", "Same-store sales", and "Same-store
sales growth". These non-IFRS measures and supplementary financial
measures are used to provide investors with supplemental measures
of Pet Valu's operating performance and thus highlight trends in
its core business that may not otherwise be apparent when relying
solely on IFRS financial measures. The Company also believes that
securities analysts, investors and other interested parties
frequently use non-IFRS measures and these supplementary financial
measures in the evaluation of issuers. Management uses non-IFRS
measures in order to facilitate operating performance comparisons
from period to period, to prepare annual operating budgets and to
determine components of management compensation. Refer to the
MD&A for the first quarter ended April 1, 2023 for further
information on non-IFRS measures and industry metrics, including
for their definition and, for non-IFRS measures, a reconciliation
to the most comparable IFRS measure.
Forward-Looking Information
Some of the information contained in this press release is
forward-looking information. Forward-looking information is
provided as of the date of this press release and is based on
management's opinions, estimates and assumptions in light of its
experience and perception of historical trends, current trends,
current conditions and expected future developments, as well as
other factors that management believes appropriate and reasonable
in the circumstances. Such forward-looking information is intended
to provide information about management's current expectations and
plans, and may not be appropriate for other purposes. Pet Valu does
not undertake to update any such forward-looking information
whether as a result of new information, future events or otherwise,
except as required under applicable Canadian securities laws.
Actual results and the timing of events may differ materially from
those anticipated in the forward-looking information as a result of
various factors. Particularly, information regarding our
expectations of future results, targets, performance achievements,
prospects or opportunities, including the information under the
headings "2023 Outlook" and "Outlook" in this press release, is
forward-looking information, which is based on the factors and
assumptions, and subject to the risks, as set out herein and in the
Company's annual information form dated March 6, 2023 ("AIF"). Often but not always,
forward-looking information can be identified by the use of
forward-looking terminology such as "may", "will", "expect",
"believe", "estimate", "plan", "could", "should", "would",
"outlook", "forecast", "anticipate", "foresee", "continue" or the
negative of these terms or variations of them or similar
terminology.
Many factors could cause our actual results, level of activity,
performance or achievements, future events or developments, or
outlook to differ materially from those expressed or implied by the
forward-looking information, including, without limitation, the
factors discussed in the "Risk Factors" section of the AIF. A copy
of the AIF and the Company's other publicly filed documents can be
accessed under the Company's profile on the System for Electronic
Document Analysis and Retrieval ("SEDAR") at www.sedar.com.
The Company cautions that the list of risk factors and
uncertainties described in the AIF is not exhaustive and other
factors could also adversely affect its results. Readers are urged
to consider the risks, uncertainties and assumptions carefully in
evaluating forward-looking information and are cautioned not to
place undue reliance on such information.
SELECTED CONSOLIDATED FINANCIAL
INFORMATION
Consolidated Statements of Income and Comprehensive
Income
(Unaudited, expressed in thousands of Canadian dollars, except per
share amounts)
|
|
Quarters
Ended
|
|
|
April 1,
2023
|
|
April 2,
2022
|
|
|
13
weeks
|
|
13
weeks
|
|
|
|
|
|
Revenue:
|
|
|
|
|
Retail
sales
|
$
|
102,019
|
$
|
93,075
|
Franchise and other
revenues
|
|
148,273
|
|
120,178
|
Total
revenue
|
|
250,292
|
|
213,253
|
|
|
|
|
|
Cost of
sales
|
|
163,078
|
|
136,173
|
Gross
profit
|
|
87,214
|
|
77,080
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
52,347
|
|
41,919
|
Total operating
income
|
|
34,867
|
|
35,161
|
|
|
|
|
|
Interest expenses,
net
|
|
6,907
|
|
3,981
|
Loss (gain) on foreign
exchange
|
|
311
|
|
(21)
|
Other loss
|
|
1,425
|
|
28
|
Income before income
taxes
|
|
26,224
|
|
31,173
|
|
|
|
|
|
Income taxes
expense
|
|
7,495
|
|
8,552
|
Net
income
|
|
18,729
|
|
22,621
|
|
|
|
|
|
Other comprehensive
income, net of tax:
|
|
|
|
|
Currency translation
adjustments that
may be reclassified to
net income, net of tax
|
|
14
|
|
(2)
|
Comprehensive income
for the period
attributable to the
shareholders of the Company
|
$
|
18,743
|
$
|
22,619
|
|
|
|
|
|
Basic net income per
share attributable to the common shareholders
|
$
|
0.26
|
$
|
0.32
|
Diluted net income
per share attributable to the common shareholders
|
$
|
0.26
|
$
|
0.32
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income to EBITDA and Adjusted
EBITDA
(Unaudited, in thousands of Canadian dollars unless otherwise
noted)
|
Quarters
Ended
|
|
April 1,
2023
|
April 2,
2022
|
|
13
weeks
|
13
weeks
|
Reconciliation of
net income to Adjusted EBITDA:
|
|
|
Net income
|
$
18,729
|
$
22,621
|
Depreciation and
amortization
|
10,628
|
8,876
|
Interest expenses,
net
|
6,907
|
3,981
|
Income taxes
expense
|
7,495
|
8,552
|
EBITDA
|
43,759
|
44,030
|
Adjustments to
EBITDA:
|
|
|
Information technology
transformation costs(1)
|
722
|
1,070
|
Business transformation
costs(2)
|
1,580
|
—
|
Other professional
fees(3)
|
—
|
648
|
Share-based
compensation(4)
|
1,001
|
1,027
|
Loss (gain) on foreign
exchange(5)
|
311
|
(21)
|
Investment in
associate(6)
|
1,425
|
28
|
Adjusted
EBITDA
|
$
48,798
|
$
46,782
|
Adjusted EBITDA as a
percentage of revenue
|
19.5 %
|
21.9 %
|
Notes:
|
(1)
|
Represents discrete,
project-based implementation costs associated with new information
technology systems and discrete SaaS arrangements for
transformational initiatives supporting merchandise planning,
inventory and order management, e-commerce and omni-channel
capabilities, customer relationship management and other key
processes.
|
(2)
|
Represents expenses
associated to supply chain transformation initiatives, including
the new distribution centre.
|
(3)
|
Professional fees
primarily incurred with respect to: (i) the CRA's examination of
the Company's Canadian tax filings for the 2016 fiscal year; and
(ii) acquisition and integration costs incurred in relation to
Chico in the year ended December 31, 2022 ("Fiscal
2022").
|
(4)
|
Represents share-based
compensation in respect of our amended and restated share option
plan, long-term incentive plan, and deferred share unit
plan.
|
(5)
|
Represents foreign
exchange gains and losses.
|
(6)
|
Represents the
Company's share of loss from associate (Q1 2023 and Q1 2022 —
$0.1 million and $0.03 million, respectively) and the loss on the
derecognition of the related call option (Q1 2023 — $1.3
million).
|
Reconciliation of Net Income to Adjusted Net
Income
(Unaudited, in thousands of Canadian dollars unless otherwise
noted)
|
Quarters Year
Ended
|
|
April 1,
2023
|
April 2,
2022
|
|
13
weeks
|
13
weeks
|
Reconciliation of
net income to Adjusted Net Income:
|
|
|
Net income
|
$
18,729
|
$
22,621
|
Adjustments to net
income:
|
|
|
Information technology
transformation costs(1)
|
722
|
1,070
|
Business transformation
costs(2)
|
1,580
|
—
|
Other professional
fees(3)
|
—
|
648
|
Share-based
compensation(4)
|
1,001
|
1,027
|
Loss (gain) on foreign
exchange(5)
|
311
|
(21)
|
Investment in
associate(6)
|
1,425
|
28
|
Tax effect of
adjustments to net income
|
(816)
|
(554)
|
Adjusted Net
Income
|
$
22,952
|
$
24,819
|
Adjusted Net Income
as a percentage of revenue
|
9.2 %
|
11.6 %
|
Adjusted Net Income
per Diluted Share
|
$
0.32
|
$
0.35
|
Notes:
|
(1)
|
Represents discrete,
project-based implementation costs associated with new information
technology systems and discrete SaaS arrangements for
transformational initiatives supporting merchandise planning,
inventory and order management, e-commerce and omni-channel
capabilities, customer relationship management and other key
processes.
|
(2)
|
Represents expenses
associated to supply chain transformation initiatives, including
the new distribution centre.
|
(3)
|
Professional fees
primarily incurred with respect to: (i) the CRA's examination of
the Company's Canadian tax filings for the 2016 fiscal year; and
(ii) acquisition and integration costs incurred in relation to
Chico in Fiscal 2022.
|
(4)
|
Represents share-based
compensation in respect of our amended and restated share option
plan, long-term incentive plan, and deferred share unit
plan.
|
(5)
|
Represents foreign
exchange gains and losses.
|
(6)
|
Represents the
Company's share of loss from associate (Q1 2023 and Q1 2022 —
$0.1 million and $0.03 million, respectively) and the loss on the
derecognition of the related call option (Q1 2023 — $1.3
million).
|
Consolidated Statements of Cash Flows
(Unaudited, in thousands of Canadian dollars)
|
Quarters
Ended
|
|
April 1,
2023
|
April 2,
2022
|
|
13
weeks
|
13
weeks
|
Cash provided by
(used in):
|
|
|
Operating
activities:
|
|
|
Net income for the
period
|
$
18,729
|
$
22,621
|
Adjustments for items
not affecting cash:
|
|
|
Depreciation and
amortization
|
10,628
|
8,876
|
Deferred franchise
fees
|
83
|
(48)
|
Gain on disposal of
property and equipment
|
(137)
|
(8)
|
Loss on sale of
right-of-use assets
|
355
|
38
|
Loss (gain) on foreign
exchange
|
311
|
(21)
|
Loss on financial
instruments
|
1,302
|
—
|
Share-based
compensation expense
|
1,001
|
1,027
|
Share of loss from
associate
|
123
|
28
|
Interest expenses,
net
|
6,907
|
3,981
|
Income taxes
expense
|
7,495
|
8,552
|
Income taxes
paid
|
(24,410)
|
(19,325)
|
Change in non-cash
operating working capital:
|
|
|
Accounts
receivable
|
648
|
285
|
Inventories
|
(21,704)
|
(8,237)
|
Prepaid
expenses
|
2,921
|
(670)
|
Accounts payable and
accrued liabilities
|
955
|
(7,628)
|
Net cash provided by
operating activities
|
5,207
|
9,471
|
Financing
activities:
|
|
|
Proceeds from exercise
of share options
|
608
|
587
|
Repayment of 2021 Term
Facility
|
(32,438)
|
(2,218)
|
Interest paid on
long-term debt
|
(1,773)
|
(2,955)
|
Repayment of principal
on lease liabilities
|
(17,879)
|
(11,769)
|
Interest paid on lease
liabilities
|
(3,204)
|
(2,907)
|
Standby letter of
credit commitment fees
|
(316)
|
(314)
|
Net cash used in
financing activities
|
(55,002)
|
(19,576)
|
Investing
activities:
|
|
|
Business acquisition,
net of cash acquired
|
—
|
(12,829)
|
Purchases of property
and equipment
|
(10,718)
|
(5,120)
|
Purchase of intangible
assets
|
(543)
|
(613)
|
Proceeds on disposal
of property and equipment
|
283
|
62
|
Right-of-use asset
initial direct costs
|
(468)
|
(340)
|
Tenant
allowances
|
427
|
498
|
Notes
receivable
|
66
|
190
|
Lease
receivables
|
7,213
|
6,522
|
Interest received on
lease receivables and other
|
2,975
|
1,912
|
Net cash used in
investing activities
|
(765)
|
(9,718)
|
Effect of exchange
rate on cash
|
(224)
|
(17)
|
Net decrease in
cash
|
(50,784)
|
(19,840)
|
Cash, beginning of
period
|
63,034
|
50,068
|
Cash, end of
period
|
$
12,250
|
$
30,228
|
Free Cash Flows
(Unaudited, expressed in thousands of Canadian dollars)
|
Quarters
Ended
|
|
April 1,
2023
|
April 2,
2022
|
|
13
weeks
|
13
weeks
|
|
|
|
Cash provided by
operating activities
|
$
5,207
|
$
9,471
|
Cash used in investing
activities
|
(765)
|
(9,718)
|
Repayment of principal
on lease liabilities
|
(17,879)
|
(11,769)
|
Interest paid on lease
liabilities
|
(3,204)
|
(2,907)
|
Notes
receivable
|
(66)
|
(190)
|
Free Cash
Flow
|
$
(16,707)
|
$
(15,113)
|
Consolidated Statements of Financial
Position
(Unaudited, expressed in thousands of Canadian dollars)
|
As at April
1,
2023
|
As at December
31,
2022
|
|
|
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
Cash
|
$
12,250
|
$
63,034
|
Accounts and other
receivables
|
22,243
|
22,965
|
Inventories,
net
|
140,114
|
118,410
|
Income taxes
recoverable
|
1,775
|
—
|
Prepaid expenses and
other assets
|
15,125
|
22,262
|
Current portion of
lease receivables
|
30,537
|
29,827
|
Total current
assets
|
222,044
|
256,498
|
|
|
|
Non-current
assets:
|
|
|
Long-term lease
receivables
|
143,419
|
141,187
|
Right-of-use assets,
net
|
83,170
|
82,242
|
Property and
equipment, net
|
94,993
|
91,774
|
Intangible assets,
net
|
52,102
|
52,280
|
Goodwill
|
97,574
|
97,574
|
Deferred tax
assets
|
6,652
|
6,652
|
Investment in
associate
|
3,293
|
4,708
|
Other
assets
|
7,194
|
7,261
|
Total non-current
assets
|
488,397
|
483,678
|
|
|
|
Total
assets
|
$
710,441
|
$
740,176
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
Accounts payable and
accrued liabilities
|
$
109,469
|
$
103,782
|
Income taxes
payable
|
—
|
15,141
|
Current portion of
deferred franchise fees
|
1,239
|
1,197
|
Current portion of
lease liabilities
|
47,063
|
51,335
|
Current portion of
long-term debt
|
17,750
|
17,750
|
Total current
liabilities
|
175,521
|
189,205
|
|
|
|
Non-current
liabilities:
|
|
|
Long-term deferred
franchise fees
|
4,092
|
4,017
|
Long-term lease
liabilities
|
218,865
|
215,966
|
Long-term
debt
|
287,920
|
320,063
|
Deferred tax
liabilities
|
8,246
|
8,250
|
Other
liabilities
|
2,654
|
2,299
|
Total non-current
liabilities
|
521,777
|
550,595
|
|
|
|
Total
liabilities
|
697,298
|
739,800
|
|
|
|
Shareholders'
equity:
|
|
|
Common
shares
|
317,018
|
316,208
|
Contributed
surplus
|
4,424
|
4,107
|
Deficit
|
(308,154)
|
(319,780)
|
Currency translation
reserve
|
(145)
|
(159)
|
Total shareholders'
equity
|
13,143
|
376
|
|
|
|
Total liabilities
and shareholders' equity
|
$
710,441
|
$
740,176
|
|
|
|
SOURCE Pet Valu Canada Inc.