Shares rise as Pets at Home keeps on growing
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Pets at Home has seen a strong start to its financial year as first quarter revenues grew 5% to £256.5m following strong demand for its veterinary and pet grooming services.
The company, which operates from 439 stores located across the UK, said like-for-like revenue in the services division, made up of brands such as Vets4Pets and The Groom Room, rose 10% for the 16 weeks to July 20.
The country’s largest pet shop chain said it was on track to open 10 superstores, 40-50 vet practices and 40-50 grooming salons this year.
Ian Kellett, group chief executive, said: “We are pleased with our positive start to the year, delivered through another period of strong growth in our Vet Group and further momentum in Merchandise trading.
“We have continued our everyday lower price repositioning and reduced the reliance on short term promotional discounts. We remain encouraged by the overall response to our pricing changes and by the number of both new customers and those we have welcomed back.
“We have also strengthened our omnichannel capabilities substantially, with subscription services, Order-In-Store and Click & Collect performing particularly well. This underlines the importance of our store environment where customers benefit from products, services and colleague advice.
“Whilst it is still early in the year, the financial outlook is in line with our expectations. We are confident the investments we are making to grow our veterinary business and to reposition our pricing and deliver everyday value for our customers are creating a strong platform for sustainable future growth.”
Shares in Pets at Home rose 12% to 185p per share following its financial update.
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