Pets at Home on track to deliver record growth
Pets at Home has said it is on track to deliver a record year of growth after posting an 18% uplift in group revenue to £677.6 million in the 28 weeks to 7 October.
In its interim results statement, the retailer said the sales growth was underpinned by a continuing increase in the number of active customers.
On a like-for-like basis, sales were up 22.2% year-on-year, or by 28.6% on a two-year basis, while retail like-for-likes increased by 21.9% or by 28.9% compared to the same period in 2019.
Meanwhile, like-for-like revenue at the retailer’s vet group was up 26.2% year on-year, or by 23.8% on a two-year basis.
Across the group, underlying pre-tax profit climbed by 77.2% to £70.2 million year-on-year.
Peter Pritchard, Pets at Home group chief executive, said: “ Our business has never been more robust. Our pet care strategy continues to deliver, we continue to take market share and improve spend per customer and the benefits of our investment in capacity and capability are really starting to deliver.”
The company is expecting its full year underlying pre-tax profit to come in at the top end of the current range of analyst expectations and looking further ahead, sees a pathway to £2.3 billion of customer revenue across the business over the medium term.
Pritchard added: “Notwithstanding some near-term, industry-wide challenges, we continue to grow ahead of our plans and, based on trading year to date, we are on track to report a record year of sales and profit growth.”
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