Pets at Home sales benefit from popularity of reptiles
Pets at Home saw EBITDA rise by 10.3% year-on-year for the 53 weeks to 31 March 2011. Like-for-like sales grew by 1.8%, as operating profit before exceptional items and goodwill amortisation rose by 8.7% to £79 million.
The group has benefitted from the soaring popularity of reptiles with like- for-like sales of the creatures and related products such as the crickets they eat, increasing by 250%.
Pets at Home opened 25 new stores during the year taking the total to 287. It also opened 14 grooming salons and 14 in-store veterinary practices as well as introducing a pet insurance scheme and puppy training classes.
Matthew Davies, CEO of Pets at Home, commented: “Despite the extremely challenging economic climate, we continued to maintain our track record of growth throughout 2010, increasing turnover, profits and opening new stores.”
Davies added: “Our strategy of opening new stores whilst exciting our customers through product innovation and outstanding customer service continued to support our long-term growth aspirations.
“This strategy remains unchanged and whilst the challenges for customers in the current economic climate show no signs of abating, we remain confident that we can continue to maintain momentum in the forthcoming year.”
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