Pets at Home benefits from strong customer retention as sales rise
Pets at Home has posted a 7.1% increase in first quarter group revenue to £404.7 million after like-for-like revenue grew by 6%.
In the 16 weeks to 21 July, retail revenue climbed by 6.6% and by 5.6% on a like-for-like basis.
The retailer experienced growth in all channels with store and omnichannel like-for-likes up 4.3% and 13.5% respectively.
Pets at Home vet group revenue increased by 11.2% in the period.
The company said it is continuing to attract new customers and has seen a strong retention rate in the 1.1 million customers acquired last year.
Lyssa McGowan, group chief executive of Pets at Home, said: “Our performance has remained strong in the first quarter, underpinned by continued customer growth and high levels of retention. We operate a unique omnichannel model, in a market in structural growth, where the passion and expertise of our colleagues and partners is a key competitive advantage.”
Pets at Home is making no change to its sales and margin outlook and is continuing to expect full-year group underlying pre-tax profit to be in line with analyst consensus, which is currently £131 million, with a range of £127 million to £136 million.
McGowan added: “I would like to thank them for their warm welcome, their continued efforts in helping our record number of customers care for their pets in these challenging times, and their ongoing commitment to building the best pet care business in the world.”
