Pets at Home sales stabilise in quarterly results

Pets at Home has announced that total group revenue fell by 1% in the quarter ended 16 July, while like-for-like revenue was down by 0.7% in the period. Amid the onset of the pandemic, the first eight weeks of the period saw like-for-like revenue tumble 13.5%, though this was later offset by revenue growth of 12% over the subsequent eight weeks. Retail revenue and like-for-like revenue both increased by 0.4% in the period, a reflection of the “strong” merchandise sales which offset the impact that followed the closure of its grooming salons and pet sales in the first eight weeks of trading. Meanwhile, omnichannel revenues soared by 71%, with previous investment in capacity supporting “record” order volumes. Nonetheless, Vet group revenue and like-for-like revenue fell by 10.9% and 9.3% respectively, reflecting the impact of restrictions on veterinary procedures that were implemented at the start of lockdown. While like-for-like customer sales across all First Opinion practices were down by 9.3% during the quarter, like-for-like sales rose by 4.6% over the last eight weeks of the period, “bearing testament to the advantages” of its owner-managed model. According to the group, increasing pet ownership has “helped drive growth” in the business and overall pet market, though looking ahead, it remains “difficult” to make a clear assessment of the near-term outlook. Peter Pritchard, group CEO, said: “In spite of the rapid, wide-ranging and devastating effects of the pandemic, we have remained open for our customers throughout the period and we are emerging as a stronger business. “The inherent resilience in our pet care model and the underlying pet care market, as well as encouraging signs of increased pet ownership, all underpin our confidence in seizing the future and progressing specific, strategic priorities.” He added: “The significant investment in our omni-channel business is a good example of this, representing an important milestone, not just for our business and customers, but also as part of our commitment to longer term regional job creation and retention. “While much has changed, and continues to do so, we remain confident in the long-term sustainability of our pet care business, where the love of pets and the role that they play in our lives is only increasing.”

Pets at Home sales stabilise in quarterly results

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