This post is too accurate... I've been accumulating for very similar reasons. Initially I hated the speed of the petbarn roll-out., but I think in five years time this company should be worth more. Lack of organised competition is a positive... But I still wouldn't underestimate the power of a single focused vet to compete with petbarn in a local catchment.
The dynamics of this industry is very interesting. I think it will take a few years to see whether gxl is truly sustainable and if so it will get rerated. Paying down debt and improving sales at the vets is still important.
GXL Price at posting:
$6.80 Sentiment: Buy Disclosure: Held
