Pets at Home reports strong first half performance
Pets at Home has reported strong growth in sales and profits in the first half of its financial year.
The company’s pre-tax profit surged by 52.2% to £40.5 million in the 28 weeks to 9 October while revenues climbed by 10.2% to £381.5 million.
Like-for-like sales grew by 4.2% driven by strength in the advanced nutrition and health & hygiene categories. There was also growth in the retailer’s VIP Club customer loyalty programme and in its veterinary practices and Groom Rooms.
During the period, Pets at Home opened 10 new stores, 26 veterinary practices and 23 Groom Rooms.
In addition, the VIP Club increased its membership to 2.6 million from 2 million at the end of the previous financial year.
Pets at Home chief executive Nick Wood said: “We are pleased with our first half financial performance. We continue to deliver on our strategy to be the leading destination brand for pet lovers, with particularly strong performance from new growth areas including vets and groom rooms. Our passion for pets guides everything we do and it’s a passion we share with our customers, with more than half a million joining our VIP Club during this period.”
Looking ahead, Pets at Home said it remained “confident” in the prospects for the full year and said it expects to have opened a total of 25 stores, 60 veterinary practices and 50 Groom Room salons in the period.
Wood added: “We will continue to focus on our successful strategy, and by doing so, we are confident that we can deliver sustainable long-term growth.”
