Pets at Home raises profit outlook
Looking ahead to FY24 the company stated that National Living Wage increases were in line with expectations and it is continuing to monitor the energy crisis
Pet retailer Pets at Home has raised its profit outlook after record Q3 consumer revenues, for the 12 weeks ended 5 January 2023.
Its consumer revenues rose 9% year on year boosted by a record number of consumers. Consumer revenues were also up 30% compared to pre-pandemic levels.
The company now expects its underlying PBT to be towards the upper end of the current consensus range of £126-136m, ahead of previous guidance of £131m.
Pets at Home has also announced the appointment of Kathryn Imrie as its new chief consumer officer.
The group’s revenue was up 8.8% to £347.5m. Group like for like revenue was up 8.3%, a big increase from Q2.
Its retail revenue also increased by 8% with like for like revenue up 7.6% including one record day of trading of £8m.
Lyssa McGowan, CEO, said: “We delivered a really pleasing Q3 with acceleration in sales momentum across the platform. Importantly, the quality of our growth remains strong as we continue to grow volumes and attract new consumers through offering compelling value and service, in what remains a challenging inflationary environment.
“It was particularly pleasing to see our accessories category return to growth, supported by the strong performance in our Christmas range, demonstrating that consumers still want to treat their beloved pets in these challenging times.”
She added: “Our Vet Group continued to grow its client base, adding 8,000 new clients a week in Q3, with annualised average practice revenues now reaching £1.1m.”
Looking ahead to FY24 the company stated that National Living Wage increases were in line with expectations and it is continuing to monitor the energy crisis.
