THE RETAIL BULLETIN - The home of retail news
HOME
Department Stores
Electricals
Entertainment
Fashion
Food & Drink
General Merchandise
Health & Beauty
Home & DIY
Interviews
Newsletter
Property
Shopping Centres & Retail Parks
Sports & Leisure
The Papers
RETAIL INSIGHTS
RETAIL SOLUTIONS
• The HR Summit 2019
• AI in Retail Conference 2019
• Omnichannel Futures Conference 2020
• Future of Customer Engagement 2020
ABOUT
CONTACT
SUBSCRIBE FOR FREE
Pets at Home upbeat despite profit fall

Pets at Home has reported a 5.5% increase in its full year like-for-like sales and a 7.8% uplift in revenue to £898.9 million. In the year… View Article

GENERAL MERCHANDISE

Pets at Home upbeat despite profit fall

Pets at Home has reported a 5.5% increase in its full year like-for-like sales and a 7.8% uplift in revenue to £898.9 million.

In the year to 29 March, merchandise and services like-for-like sales rose by 5% and 8.5% respectively.

However, group underlying pre-tax profit declined by 12.3% to £84.5 million while statutory pre-tax profit was down 16.6% to £79.6 million. Pets at Home said its profitability had been impacted by a £13 million price investment in its merchandise offering and a £5 million increase in the provision held for practice loans in its veterinary business

Peter Pritchard, the company’s new chief executive, said: “Year one of our three-year strategy has delivered, and as a business we are on a stronger competitive footing to return to sustainable profit growth. But the job isn’t done yet. As our new CEO, my plan has a bigger focus on digital, tapping into the vast potential of our customer and pet data, and taking action to ensure our vet business reaches its potential.”

During the year Pets at Home opened 13 superstores, 25 vet practices and 27 grooming salons. It also closed seven Barkers stores.

Looking ahead Pritchard added: “FY19 will be the second of our three year financial transition back to sustainable profit growth, and following our progress in FY18, we are determined to achieve our plan. In the coming financial year, we are targeting like-for-like revenue growth ahead of the market in both retail and our vet group, and a transition back to low single digit underlying group profit growth.”

Pets at Home has also announced that its non-executive director Tessa Green will step down from the board at the company’s AGM on 12 July. She will be replaced by Susan Dawson who has been the professor and dean of the Institute of Veterinary Science at the University of Liverpool for the last seven years.

Tony DeNunzio, chairman of Pets at Home, said: “I would like to thank Tessa for her excellent contribution over the last four years and wish her every success in the future. We are delighted to welcome Susan to the board; she brings very strong veterinary experience to the role and is an expert on the training and wellbeing of vets, which will be hugely valuable as we continue to develop this area of the business.”

 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

The HR Summit 2019
The HR Summit 2019
8 October 2019
Hallam Conference Centre, London W1W 6JJ
Company values, collaboration with employees and driving a major HR transformation to create a truly omnichannel experience, need to be at the heart of the organisation's culture and brand
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, London W1G 9DT
SENIOR-LEVEL FORUM FOR HEADS OF MARKETING, DIGITAL, ECOMMERCE AND CX
Omnichannel Futures Conference 2020
Omnichannel Futures Conference 2020
5 February 2020
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Future of Customer Engagement 2020
Future of Customer Engagement 2020
10 June 2020
Cavendish Conference Centre, London W1G 9DT
The 11th Annual Retail Customer Engagement Conference