Pets at Home sees strong revenue growth
Pets at Home saw its like-for-like revenue climb by 4.2% in the year to 26 March. The retailer said the increase was driven by strength in both merchandise and services where like-for-like sales rose by 3.7% and 10.7% respectively.
While services revenue climbed by 25.2% to £63 million, merchandise revenue rose by 8.3% to £666.1 million, with food outperforming accessories.
Meanwhile, fee income from the company’s joint venture veterinary practices increased by 30.7% to £28.2 million.
During the year, there were 25 gross store openings to bring the total portfolio to 400. The retailer also launched 61 veterinary practices and 50 groom rooms.
In the final quarter Pets at Home added a further 270,000 members to its VIP Club to bring the total to 3.2 million. Card swipe rate at store tills represented 65% of revenues in the quarter, compared with 61% during the previous period.
The company said it expects underlying EBITDA for the full year to be in line with market expectations of between £119.3 million and £121.4 million.
Pets at Home chief executive Nick Wood said: "We are delighted to be delivering on expectations in our first year as a publicly listed company. We have seen strength across both merchandise and services, demonstrating the broad range of levers through which we will successfully deliver further profitable business growth."
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