High Street

Pets at Home reports record year as profits surge

Its underlying pre-tax profits have grew 65.3% to £144.7m for the year to March 2022

Pets at Home has reported that its underlying pre-tax profits have surged 65.3% to £144.7m for the year to March 2022.

Retail revenue grew by 18.5% after store and online sales rose by 17.7% and 18.4% respectively.

The company also reported a total group revenue growth of 15.3% to £1.3bn, with a further 1.2m new puppy and kitten customers in the base and average spend compounding across customer cohorts .

Like-for-like store sales were up 15.8% year-on-year to £984m, while omnichannel sales rose 15.9% in like-for-like terms to £190m.

Looking forward, the company said it anticipates that FY23 group underlying pre-tax profit will be in line with analyst consensus, which is currently £151m, with a range of £146m to £157m.

It also said it anticipates that FY23 group underlying pre-tax profit will be £131m, compared to £126.4m for FY22 on a 52-week basis.

Peter Pritchard, group chief executive officer, said: “Despite another period characterised by significant and evolving external challenges, our performance this year has been noteworthy, delivering record sales, profit, and cash flow.

“I would like to express my heartfelt thanks to our truly inspiring colleagues and Partners across the group for their continued adaptability and commitment to making Pets at Home bigger, stronger, and more efficient.”

He added: “We are well placed to accelerate our growth in market share. The robust backdrop of the UK pet care market, coupled with our clear strategic priorities, proven omnichannel model and strong executive team, mean that I hand over leadership of this great business to Lyssa McGowan with the utmost confidence that Pets at Home will continue to create value for all stakeholders in both the near and longer-term.”

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