Pets at Home posts strong first quarter performance
Pets at Home has seen its first quarter revenue climb by 25.7% to £377.8 million as group like-for-like sales rose by 30.2%.
The retailer said the growth was driven by a strong performance across both its retail and veterinary operations.
In the 16 weeks to 25 July, retail revenue increased by 29.1% on both a total and like-for-like basis following solid growth in the retailer’s food and accessories categories. Meanwhile, vet group like-for-like revenue climbed by 44.7%.
Peter Pritchard, Pets at Home group chief executive, said: “It is pleasing to note that many of the positive trends from our last financial year have accelerated in the current quarter. Key indicators point to continued growth in pet ownership, providing a supportive backdrop to long-term growth across the underlying market and our business, and we continue to see strong growth in new customers, subscription plans and veterinary clients.”
During the period, Pets at Home began the development of a new storage and distribution facility in Stafford, which is due to become fully operational in the summer of 2023. It also launched two new pet care centres in Handforth and Clacton-on-Sea and is planning to open two new stores in Greater London in the second half of the year.
Based on trading in the year to date, Pets at Home now anticipates that full-year group underlying pre-tax profit will come in at the top end of current expectations at £130 million to mark a 49% increase on the prior year.
Pritchard added: “Our unique, omnichannel pet care strategy continues to deliver, with strong momentum across both sides of our business, as well as good progress against our strategic priorities, meaning we look to the future with much confidence.”
