Pet Valu Holdings Ltd. will soon have a new top dog.
The Markham, Ont.-based pet goods retailer announced Tuesday that president and chief operating officer Greg Ramier will become its CEO later this year.
Ramier, who jumped from grocery giant Loblaw Cos. Ltd. to Pet Valu in August 2024, will replace Richard Maltsbarger and be appointed to the company's board effective Sept. 21.
After that date, Maltsbarger will become a senior adviser tasked with aiding the leadership transition until he retires on April 4, 2026.
His seven-year reign included the COVID-19 pandemic, when pet ownership spiked. Pet Valu took advantage of the increased demand by doubling its revenue, quintupling its net income and growing its store network to 833 locations. It eventually hopes to hit 1,200 locations.
Maltsbarger said the achievements made him feel that "now is the time to hand over the reins."
Ramier appeared to agree, saying he is "excited to carry the momentum forward" and saw stepping into Maltsbarger's role as a "real honour."
The succession plan announcement came as Pet Valu recorded a second-quarter profit of $21.8 million. That compared with $17.8 million a year earlier.
It attributed the rise to higher operating income, lower net interest expenses and larger gains on foreign exchange.
On an adjusted basis, Pet Valu said it earned 38 cents per diluted share in the quarter ended June 28, up from an adjusted profit of 36 cents per diluted share a year ago.
Revenue for the quarter totalled $280.6 million, up from $265.2 million a year ago.
The company said same-store sales growth for the quarter was 2.6 per cent. It attributed the rise to a 1.8 per cent increase in same-store average spend per transaction and a 0.8 per cent jump in same-store transaction growth.
Irene Nattel, an analyst with RBC Dominion Securities, saw the figures as being both "solid and slightly better than expected." She felt they proved the company's focus on consumable items and services, which make up 80 per cent of its revenue, has gone "well overall."
Maltsbarger similarly took the numbers to be a sign that the business "strengthened throughout the quarter." He said they gave the company the confidence to raise its outlook for the year.
Pet Valu now expects its 2025 revenue to reach between $1.18 billion and $1.21 billion and its adjusted net income per diluted share to come in at between $1.63 and $1.68.
It declared a dividend of 12 cents per common share Tuesday.
This report by The Canadian Press was first published Aug. 5, 2025.
Companies in this story: (TSX:PET)
Tara Deschamps, The Canadian Press
