Pets at Home has seen its profits jump, following a strong performance from its veterinary service and new store openings.
Like-for-like revenue growth rose 1.5 percent and services climbed by 7.9 percent. The company’s veterinary services were the key to its success. Total income from Joint Venture vet practices increased by 24.6 percent to £47.1m.
The pet retail chain also reported new openings were in line with targets: 15 superstores, 50 vet practices and 50 grooming salons.
Ian Kellett, Group Chief Executive Officer, commented: “We have delivered a solid performance over the year with profits in line with expectations, reflecting in part the strength of our Joint Venture vet practices where our total income grew 24.6 percent.
“We are uniquely positioned as the only UK pet business delivering an integrated omnichannel and services offer, supported by our fast growing Vet Group, market leading private labels and expert colleagues. In an evolving consumer environment, we are taking steps to reposition prices on own label Advanced Nutrition and pet essentials and have made some initial changes to branded food lines.
“Encouraged by the reaction of our customers and having seen an improvement in Merchandise LFL to 1.0 percent in the 16 weeks since launch, we will move swiftly to deliver even better value.
“We are confident this is the right path for success and will give us a strong platform for sustainable future growth.”