Breaking News: Pets at Home announces growth in sales...but fall in operating profits
Pets at Home has today announced its end-of-year figures which show a 7.1% increase in sales, taking the total volumes to £544.3m compared to £508.2m in 2011. But operating profits have decreased by 2.4% to £77m.
Pre-tax profits were up by 0.5% to £91.7m (compared to £9.3m in 2011) although operating profits decreased by 2.4% to £77m (£77.9m in 2011). This reflected an increase in depreciation as a result of increased capital spending on growth projects.
Announcing the results, Pets at Home said the operational highlights were the continued investment in new strores and formats; the opening of a second distribution centre and Hong Kong sourcing operation; the expansion of vet practices and grooming salons, and the appointment of Nick Wood as CEO.
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