Pets at Home posts drop in retail revenue
Pets at Home has posted a decline in third quarter retail revenue following the impact of a “challenging UK consumer backdrop”.
In the three months to 2 January, retail revenue fell by 2.4% and by 2.8% on a like-for-like basis. In contrast, vet group revenue growth was strong at 21.3% with a like-for-like uplift of 19.9%
Pets at Home said it was hit by weak footfall in its stores from October, although its digital performance improved in the period with continued strong growth in subscriptions.
Meanwhile, total group revenue edged down 0.2% to £361.6 million with group like-for-like revenue declining by 1%.
Pets at Home said its full year underlying pre-tax profit guidance remains unchanged as it is on track to deliver modest growth as set out in its first half results.
It added: “Against a still subdued consumer backdrop, we have maintained a disciplined gross margin performance, supported by strong Christmas seasonal sell through, and effectively managed our costs.”
