Targeting the booming pet economy, chain pharmacy leader Great Tree plans to add pet sections to its existing stores by the end of June and introduce pet products across all its outlets nationwide. Amid intense competition in the pharmacy sector, the company has adopted a conservative store expansion strategy in recent years, successfully maintaining profitability. This year, the management team aims for a net store growth of 15–20%.

Great Tree reported a net profit after tax of NT$679 million for 2024, up 2.21% year-on-year, with earnings per share (EPS) of NT$5.16. In Q1, EPS was NT$1.21, slightly lower than NT$1.50 in the same period last year.

Currently, excluding specialty counters, Great Tree Pharmacy operates 394 stores nationwide, with 96% being new store openings and the remaining 4% through acquisitions. Stores in all counties and cities remain consistently profitable. Vice President Lu Shan-Feng stated at a recent earnings call that, despite ongoing fierce competition in the pharmacy market, the expansion plan for 2024 is based on this year’s store base, setting a conservative growth target of 15%, with efforts toward 20%.

In cross-industry and overseas ventures, although the pace of opening new pet stores has slowed, Great Tree Pets has achieved positive cash flow. Pet health products are expected to be integrated into pharmacies by the end of June, with pet merchandise introduced across all channels nationwide. In Malaysia, the business has turned profitable and continues to expand sales channels. In Mainland China, a pilot store has been launched, with an additional two years planned to test the business model. Looking beyond 2026, the long-term goal is to reach 700 stores.

Resource: 大樹 6月進軍寵物商機