Pets at Home hails record customer levels
Record customer levels at Pets at Home have helped the retailer to grow its first half revenue by 7.3% to £727.2 million.
In the six months to 13 October, retail revenue climbed by 6.8%, with like-for-like growth of 5.9%.
Meanwhile, vet group revenue increased by 12.4% and by 10.5% on a like for-like basis.
However, group underlying pre-tax profit fell by 9.3% to £59.2 million, which was in line with plan, after the retailer was hit by increased freight and energy costs and rising investment in digital assets.
Lyssa McGowan, Pets at Home recently appointed chief executive, said: “In my first six months as CEO, I have spent my time forming a deep understanding of the business and sector, learning from the ground up how the business operates.
“Our first half performance shows progress and resilience across the business. In a challenging macro-environment, the pet care industry remains in growth across all channels, and we have continued to acquire new customers at an impressive rate, setting new records for customer numbers in recent months.”
Pets at Home is expecting its full year underlying pre-tax profit to be in line with analyst consensus, despite the challenging macro-economic environment. This currently stands at £131 million, with a range of £121 million to £136 million.
McGowan added: “I am more convinced that Pets at Home is well positioned to capitalise on an attractive growth opportunity in our structurally growing pet care market, supported by our unique blend of products and services, deeply embedded culture and expert, passionate colleagues, and partners.”
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