Skip to main content

Pets at Home revenue smashes £377m thanks to “robust pet care market”

// Pets at Home hails “strong sales momentum” in first quarter
// Total group revenue rose 25.7% to £377.8m in the 16 weeks to July 15
// Retail revenue rose 29.1%, with growth across both food and accessories, instore and online

Pets at Home has increased its profit expectations despite “the ongoing impact of the pandemic on operating costs”.

The pets goods retailer hailed a “strong sales momentum” in the first quarter as it witnessed a total group revenue growth of 25.7 per cent to £377.8 million.

In the 16 weeks to July 15, like-for-like revenue was up 30.2 per cent, or 29.4 per cent on a two-year basis, “reflecting continued strong growth across both retail and veterinary operations”.

READ MORE: Pets at Home to become “most responsible” business with new strategy

Retail revenue grew by 29.1 per cent, with growth across both food and accessories, instore and online, despite the reopening of non-essential retail and hospitality sectors during the quarter.

The strong performance across veterinary operations continued through the quarter, with customer sales across First Opinion practices approximately 30 per cent higher on a two-year basis.

The number of profitable practices continued to increase, with the balance of operating loans reducing further post year end.

Meanwhile, the number of subscription plans across the group grew 24 per cent year-on-year to over 1.3 million, generating over £100 million in annualised recurring customer sales.

“Notwithstanding an increasingly challenging cost environment, including the ongoing impact of the pandemic on operating costs, which we continue to estimate at £9 million this financial year, we maintained our price competitiveness through the quarter, with good profit and cash conversion reflecting a higher number of store transactions and strong growth in accessories sales, as well as the strong sales performance from the Vet Group,” Pets at Home said.

“Based on trading year to date we now anticipate that full-year group underlying pre-tax profit will be £130 million, at the top end of the current range of analyst expectations, representing a £42.5 million increase on the prior year.

“The UK pet care market is robust, with the ongoing increase in pet ownership, combined with the prevailing trends of pet renewal, humanisation and premiumisation, creating a long-term tailwind for growth across both the underlying market and our business.

“During the quarter, we continued to invest in our ecosystem and implement initiatives to drive productivity gains across our operations.”

Click here to sign up to Retail Gazette’s free daily email newsletter

The post Pets at Home revenue smashes £377m thanks to “robust pet care market” appeared first on Retail Gazette.



from Retail Gazette https://ift.tt/2TFTZ1k
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
70 comments
Read more

Sagar Daryani, CEO and Co-founder – Wow! Momo & Saga: From a Kiosk to a Kingdom

Sagar Daryani’s entrepreneurial odyssey from humble beginnings to pioneering success has redefined the landscape of food startups in India. Co-founding Wow! Momo, he has spearheaded the growth of the largest indigenous QSR chain in the country, crafting a remarkable saga of triumph The Genesis: A Visionary Venture Takes Root In 2008, armed with a mere Rs. 30,000 and boundless ambition, Sagar Daryani and Binod Homagai embarked on their entrepreneurial journey while still pursuing their graduation in B.Com Hons from St. Xavier’s College, Kolkata, even before their college results were out. They knew the value for money and boot-strapped to plough back profits and grow their venture. Sagar spearheaded brand expansion, brand creation, and marketing and retail operations. Grew across the city with a strong consumer focus. The early days were hard but keeping track of the money flow was even harder. Believing in the concept of ‘1 rupee saved is 5 rupees earned’, and the lessons they lear...
1 comment
Read more

Homegrown ice cream chain HOCCO to open 250 stores, eyes Rs 400 crore by FY26

Ankit Chona, Founder and Managing Director of HOCCO, delves into the company’s revenue model, growth strategies, and vision for the future… Bengaluru: HOCCO (House of Chonas Collaborative) , the Ahmedabad-based ice cream and quick-service restaurant (QSR) chain, boasts a rich legacy spanning over 70 years, with roots tracing back to pre-independence India. The Chona family has been deeply entrenched in the food industry since 1944, originally operating in undivided Pakistan. Following the Partition, Satish Chona , an engineer with British Overseas Airways Corporation, relocated from Karachi to India. After journeying through multiple cities, he ultimately settled in Ahmedabad, where he established his first QSR outlet in 1953. Three decades later, he expanded into the casual dining segment, launching a restaurant in Baroda while continuing the family’s ice cream manufacturing business. However, in 2017, the company sold its ice cream division to a South Korean firm, shifting its fo...
Post a Comment
Read more