High Street

Pets at Home revenues jump 9.9% in first quarter results

Pet goods retailer Pets at Home has reported a 9.9% increase in group revenue to £303.4m for the 16 week period from 29 March to 18 July 2019.

Retail revenue was up 8.7% to £266.4m and omnichannel revenue increased by 36% to £26m – with vet group revenue also up 18.8% to £37m.

During the period the retailer formed a strategic partnership through an investment in Tailster.com, an online marketplace in the UK for pet walking, sitting and boarding services, which it said will “enhance” its pet care services to customers

Peter Pritchard, group chief executive officer, said: “The momentum with which we exited FY19 has continued into the first quarter of FY20.  We have seen a strong sales performance across the business, particularly in Retail where like-for-like sales were 8.2% – an impressive 14% on a two year basis.

“We are also making good progress in our Vet Group. Our plans to buy out a number of Joint Venture vet practices have been carefully executed, whilst performance in the ongoing estate remains strong.  We have the right foundations in place to accelerate the maturity of our vet practices in a sustainable way, delivering cashflow benefits to both Joint Venture Partners and Pets at Home.”

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