Pets at Home maintains guidance despite fall in H1 profits
During the first weeks of Q3 FY24, the retailer experienced a 4% rise in like-for-like sales as Christmas approaches
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Pets at Home has maintained its profit guidance despite seeing underlying pre-tax profits slump 19.3% to £47.8m during the first half of the year ended 12 October.
The retailer attributed the fall in profits to the costs associated with the relaunch of its brand and transition of stores to the new Stafford Distribution Centre.
However, total group revenues grew 6.5% to £774.2m and like-for-like revenues increased 6.2%.
Consumer revenues during the first half also increased 8.6%, which was ahead of its expectations of just 7%, to £1bn. The retailer also made further progress in retaining and acquiring new customers.
During the first weeks of Q3 FY24, the retailer also experienced a 4% rise in like-for-like sales as it saw early demand during the Christmas period.
Lyssa McGowan, CEO of Pets at Home, said: “H1 has been a critical period in laying the foundations of our platform for future growth. This period has not been without challenges, but we have been able to manage these well and are on track to finish FY24 with a refreshed, modernised infrastructure, fit to deliver growth for many years to come.
“I am incredibly proud of how our colleagues across the business have come together using their expertise and ingenuity to navigate this demanding period. I was particularly proud to see this recognised as we were voted “Best Place to Work” in the WorkL awards.”
She added: “As we stand today, through our point of peak investment, with the benefits of our new DC and new digital platform still ahead of us, we look to the future with confidence that we can deliver our plan, to build the world’s best pet care platform.”
