Pets at Home revenues soar as retailer increases market share
Pets at Home has announced it has seen revenues soar in its full-year results to March 2019.
Total group revenue at the pet retailer rose by 6.9% to £961m, while profit before tax rose by 6.1% year-on-year up to £89.7m. Revenue at the firm’s vet group jumped up by 13.1% year-on-year, despite profits seeing a slight decline.
Pets at Home said it had increased its market share across all categories of its business (food, accessories and veterinary care) for both online and offline platforms.
The retailer, which currently operates 452 stores, said it had closed 19 veterinary practices as part of a Joint Venture buy out. Pets at Home opened two new retail ‘stores of the future’ in Stockport and Chesterfield, which offer self-wash areas, where owners can shower their pets, cat adoption, dog training classes, and an area for children’s birthday parties.
Peter Pritchard, CEO at Pets at Home, said: “We are trading strongly and taking share across the pet market. Customers are loving our lower prices, the convenience of subscription packages, high quality veterinary care and pet health plans. We launched our pet care strategy last year and we’re already making good progress, bringing our retail and vet businesses closer together.
“Our commitment is to make sure pets and their owners get the very best advice, care and products, and we’re able to join this up for customers in a way that competitors just can’t. I’m pleased with our progress and the results we have delivered, but there remains plenty to do. I’m confident we will successfully reposition our vet group so that, with the strong performance in retail, we will be well placed to deliver our strategy.”
