Pets at Home ups profit guidance to £140m

The group’s online sales grew by 99.3% from pre-Covid levels and it saw a ‘record’ sell-through of seasonal ranges.

The Pets at Home Group has reported its total group revenues grew by 5.8% to £319.4m over the 12 week period from 8 October to 30 December 2021, and the group has now upped its full year pre-tax profits forecast to £140m for FY22.

Despite supply chain pressures, group like-for-like revenues increased by 8.7%, and by 28.1% on a two-year basis.

Additionally, the group’s online revenues increased by 16.7% from the year prior, and by 99.3% on a two-year basis.

Meanwhile, retail revenues jumped 9.8%, with like-for-like revenues also up 9% from pre-Covid levels. Store revenues also increased year-on-year by 7.4%, with a 21.1% increase on a two-year basis, and its vet group revenues also saw growth of 4%, with a 23.3% increase from 2019.

Pets at Home said there was “strong” volume growth across “key” categories and channels, and ongoing pet humanisation and premiumisation have supported “record” sell-through of seasonal ranges.

In particular, there was “strong growth” year-on-year in the number of pet care plan subscriptions across the group, with more than 1.4m plans now generating over £115m in annualised recurring customer revenue.

Peter Pritchard, group CEO, said: “Our unique, omnichannel pet care strategy continues to deliver strong revenue growth, reflecting continued momentum in customer acquisition, engagement and spend as the benefits of our ongoing investment in capacity and capability really start to deliver.

“We are firmly on track to report a record year of sales and profit growth, and I am incredibly grateful to all of our fantastic colleagues and partners across the group for their hard work and commitment to helping us become the best pet care business in the world.”

He added: “I remain confident that the combination of our strategic investments, strength and depth of our exceptional leadership team and successful initiatives to increase operational efficiencies across the group will underpin sustainable, long-term and profitable growth.”

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