Home Business News Growth in Pets at Home retail arm ‘not at levels expected’

Growth in Pets at Home retail arm ‘not at levels expected’

by Amy Johnson LLB Finance Reporter
30th Jan 24 11:08 am

Pets at Home have cut their profit guidance as growth in the retail arm “was not at levels expected” they had expected in the latest quarter.

The company operates 450 retail store and 440 veterinary practices told shareholders in the 12 weeks to 4 January group revenues rose 4.3% year on year and they saw a like for like growth.

The veterinary business saw revenues climb 13.4% over the quarter and Pets at Home expects to deliver pre-tax profits of around £132 million for the financial year.

Lyssa McGowan, chief executive officer, said, “Our colleagues came together over our peak trading period to deliver a record sales performance, growing against a very strong performance in the prior year.

“While a slower market over peak meant our sales growth didn’t quite hit the levels we expected, the business remains well-positioned to benefit from long-term growth in the sector as we continue to win share and grow volumes across food, and deliver differentiated performance through our unique vets business.

“Our new digital platform is a key foundation of our growth strategy, bringing vastly improved user experience to our consumers and creating opportunities to improve cross-sell into accessories and further grow share of wallet.

“With these foundations now in place, we are well-positioned for the future.”

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