Pets Corner, the second largest pet retailer in the UK, is bucking the trend for online shopping, reporting that over 98% of its sales are attributed to its network of 149 stores.
The company, which employs 950 staff, is celebrating another strong and positive set of results, following a further increase in its like-for-like sales.
Reporting on its financial highlights for the year ending September 2017, the privately-owned, family business revealed its sales were up 5.7% with an earnings before interest, taxes, depreciation and amortisation (EBITDA) figure of £6.2 million.
December sales were also up on the previous year at 8.7%, bucking the trend of many other retailers that have seen a slump in sales over the festive season.
Early forecast figures for 2018 delivered more good news for the company, which sells a range of its own natural pet foods and products, with the current EBITDA figure estimated to be up on 2017 by an impressive 31%.
Pets Corner plans to invest £9m over the next three years in new stores and rolling out over 60 of its natural pet grooming spa Dogwood.
CEO at Pets Corner, Dean Richmond, said the outlook couldn’t be better.
He added: “In the last three years our like-for-like sales have performed three times better than our close rivals. We are not embarrassed to say that we don’t rely on cutting the price and quality of products to drive sales. Instead, we look to offer our customers better value by giving them a product that will work better and last longer.
“This is backed up by the expert knowledge of our staff, who are all classroom trained in our academies across the country. It is fair to say that in a world where online shopping is increasingly important, there is still a place for businesses on the high street and via retail outlets where service still matters. This is particularly true in the case of Pets Corner where we pride ourselves on an exceptional customer service experience and a no-quibble 100% satisfaction guarantee.”
Pets Corner’s financial highlights for year ending September 2017 and Q1 of year ending September 2018:
- Year Ending September 2017
Turnover £54.8 million
EBITDA £6.2m
LFL sales up 5.7%
- Year Ending September 2018 - 1st Quarter (October to December 2017) EBITDA up 28% to £3.25m
LFL sales up 7%
- December 2017 sales were £5.73m and LFL up 8.7%
- Year Ending September 2018 Forecast
Expected turnover £56.5m
EBITDA £8.1m – up 31% on 2017
