Pets at Home makes “resilient” start to new financial year
Pets at Home has posted a 1% rise in first quarter revenue to £441.1 million with like-for-like revenue growing by 0.5%.
In the 16 weeks to 18 July, consumer revenue increased by 1.5% to £576.6 million supported by growing average customer spend and a rise in active Pets Club members.
Revenue at Pets at Home’s veterinary business climbed by 17.1%, and by 13.3% on a like-for-like basis, with the uplift driven by higher average spend and growth in visits.
However, retail revenue edged down 0.8% as expected with like-for-like revenue declining by the same percentage.
Lyssa McGowan, Pets at Home chief executive, said: We are pleased to have delivered a resilient Q1, with our growth improving through the quarter as our offer continued to resonate well with UK pet owners.
“The benefits of our investments in logistics, stores and digital are coming through, and our unique joint venture vets continued to deliver differentiated performance, growing visits and attracting new customers, driven by our passionate, independent practice owners.”
Pets at Home said it is continuing to see growth in subscriptions which now account for 11% of consumer revenue as the retail business begins to benefit from the improved functionality offered by its new digital platform.
Full year profit guidance maintained
Looking ahead, Pets at Home said it is maintaining its full year guidance for group underlying pre-tax profit to come in at £144 million.
McGowan said: “As ever it is our people, and their unrivalled expertise, that continue to drive our business. I would like to thank our colleagues and vet partners for their ongoing passion and dedication to creating a better world for pets and the people that love them.”
