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Pets at Home hails record full year performance

Pets at Home has hailed the 12 months to 30 March as a record year after sales increased by 6.6% to £1.4 billion. Retail revenue grew… View Article

GENERAL MERCHANDISE NEWS

Pets at Home hails record full year performance

Pets at Home has hailed the 12 months to 30 March as a record year after sales increased by 6.6% to £1.4 billion.

Retail revenue grew by 5.9% with like-for-like growth of 7.5%. The food category performed particularly well, with sales rising by 11.4%. However, accessories revenue declined by 0.9% overall due to softer sales of more discretionary items.

Meanwhile, vet group revenue increased by 13.3% to £122.8 million with like-for-like sales growth of 13.4%.

Lyssa McGowan, Pets at Home, chief executive, said: “Our record performance over the past year demonstrates that our compelling pet care offer continues to resonate strongly with consumers. Through our unique blend of products, services and expert advice we were able to serve pet owners better, grow our consumer base, and win more market share, building on our leading position in the UK pet care market.”

Pets at Home’s statutory pre-tax profit fell by 17.7% to £122.5 million in the period after the previous financial year was boosted by a gain on the sale of a specialist group. This year, the retailer incurred costs relating to its new Stafford distribution centre.

On an underlying basis, pre-tax profit increased by 4.8% to £136.4 million.

Looking at current trading, Pets at Home said sales in the first few weeks of the new financial year continue to be in line with the FY23 exit rate, with strong consumer loyalty supporting continued volume growth across the business.

The retailer said its medium-term vision and strategy is to build the world’s best pet care platform, which will bring together everything that pet owners need in one place.

McGowan added: “I am incredibly excited about the opportunity ahead, building on the tremendous success the business has enjoyed in recent years, and capitalising on our unique growth opportunity.”

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