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Pets at Home remains “resilient” despite revenue decline

// Pets at Home total revenue drops during lockdown
// Stores remained open during lockdown after being classed as an essential retailer
// Like-for-like sales dropped 13.5%

Pets at Home has been praised for its “inherent resilience” despite first-quarter sales dropping during the lockdown period.

The pet goods retailers saw a one per cent decline in total revenue in the quarter to July 16, driven by a 0.7 per cent drop in like-for-like sales.

Pets at Home remained open during lockdown after being classed as an essential retailer, but like-for-like sales during the first eight weeks of the quarter dropped by 13.5 per cent.

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However, Pets at Home said this was offset by a 12 per cent increase in like-for-like sales in the latter part of the quarter.

Meanwhile, a 7.3 per cent drop in in-store sales was offset by a 71 per cent rise in omnichannel sales.

Retail revenue and like-for-like sales rose 0.4 per cent across the quarter overall.

During the period, Pets at Home reported a 20.3 per cent rise in the number of activity loyalty scheme members to 5.7 million, while customers using its subscription scheme rose by 18.1 per cent to 906,000.

“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,” Pets at Home chief executive Peter Pritchard said.

“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 said.

“The significant investment in our omnichannel 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.”

During the period, Pets at Home signed a lease on the development of a new 607,000sq ft distribution facility in Stafford, Staffordshire, which it has earmarked £48 million of capital investment for over the next five years.

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