Pets at Home raises full year profit expectations
Pets at Home has said the strong sales momentum seen in the last eight weeks of its first quarter has continued into the second.
As a result, it is now expecting its full-year underlying pre-tax profit to come in ahead of current market expectations.
In a trading statement, the retailer said growth has continued across both its retail and veterinary operations which has resulted in a double-digit like-for-like sales uplift in the eight weeks to 10 September.
Pets at Home had previously reported that like-for-like sales edged down 0.7% in the 16 weeks to 16 July after dropping by 13.5% in the first eight weeks of the period and recovering to growth of 12% in the subsequent eight weeks.
The retailer said its second quarter performance has demonstrated the resilience of its pet care model and the underlying pet care market. It added: “We continue to benefit from the adaptability of our operations to changes in customer behaviour and preferences, our continuing investment in omnichannel capacity and customer acquisition channels, and the clear advantages of our unique owner-managed First Opinion veterinary model.”
Want to hear more about Pets at Home? Then register for Retail Bulletin’s free virtual Retail HR Summit where Louise Stonier, Pets at Home’s chief people & culture officer, will be speaking.
