Pets at Home grows full year sales and profits
Pets at Home has reported an uplift in both full year sales and profits as it benefited from a resilient pet market.
In the year to March, pre-tax profit rose by 3.7% to £90.2 million. Total revenue increased by 6.7% to £777.8 million as trade was boosted by a particularly strong performance in services, alongside good growth in the retailer’s food business.
Ian Kellett, Pets at Home group chief executive, said: "We have enjoyed 25 very successful years as a business and enter our 26th year confident in the future.
“The pet market has proved over time to be more resilient than general retail, so whilst consumer confidence may be more fragile, we believe our drive to become more specialist and most loved by customers will deliver further progress."
During the year, Pets at Home opened a net 20 new Pets at Home superstores, six Barkers stores and one Whiskers 'n Paws trial format, as well as 50 veterinary practices and 60 grooming salons.
Looking ahead, Kellet said: “We are confident in our ability to execute on our strategy through growing like-for-like revenue and rolling out new space. Whilst margins this year will see the impact of weaker sterling and the National Living Wage, over the medium to longer term we believe these challenges will be outweighed by the support from our growing services business, which is still maturing.”
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