Pets at Home Q1 revenues hit £404.7m amid ‘record’ VIP numbers

Pets at Home has reported that group revenues rose 7.1% year-on-year to £404.7m in the 16 week period from 1 April to 21 July 2022 (Q1 FY23), as the number of active VIPs increased 10.7% to a “record” 7.4m, 27% of which were shopping across more than one channel.

Vet group revenues increased 11.2% and retail revenues also grew by 6.6%, with all channels remaining in growth. Store like-for-like sales are up 4.3% and omnichannel like-for-like sales are up 13.5%.

The number of subscription plans across the group increased 16% year-on-year to over 1.5m, generating over £135m in annualised recurring customer revenue, representing around 8% of group customer revenue.

Additionally, sign ups to the group’s Puppy and Kitten Club averaged 25,000 per week, which is three-fold higher than pre-pandemic, and creating a 12-15 year growth opportunity over the full pet lifetime.

Looking ahead, Pets at Home expects no changes to its sales and margin outlook. It continues to expect full-year group pre-tax profits to be in line with analyst consensus, which is currently £131m, with a range of £127m-£136m.

Lyssa McGowan, group CEO, 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.

“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.”