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Core strengths at Pets At Home continue to drive growth

Pets at Home Group Plc today announces a Q1 FY16 trading update for the 16 week period from 27th March 2015 to 16

Financial summary:

– Like-for-like revenue growth of 1.7% driven by Advanced Nutrition, VIP club, Services and Omnichannel, partially offset by a poor season for Health & Hygiene products and very hot weather in July

o Merchandise like-for-like revenue growth of 0.9%

o Services like-for-like revenue growth of 11.7%

– Total revenue growth of 6.4% to £224.2m

o Merchandise revenues up 4.3% to £200.7m, with Food as the significant driver

o Services revenues up 28.6% to £23.5m, with fee income from Joint Venture

Operational summary

-Store and services openings

o 3 Pets at Home stores, 6 veterinary practices and 4 Groom Room salons

o Barkers of Marlow: the second of our high street based premium dog store trial,

– VIP club

o Total members now 3.6m, an increase of over 400,000 since FY15 year end

o Card swipe rate at store tills 67% of revenues, compared with 65% in Q4 FY15

– Trading and integration of Northwest Surgeons, our recently acquired specialist veterinary referral hospital, is progressing ahead of expectations

– The popularity of customers placing website orders for collection in-store has been maintained at over 40% of online revenues

Nick Wood, Chief Executive Officer, commented: “Our core strengths in Advanced Nutrition, vet and grooming services have continued to deliver in the first quarter, underpinned by our VIP loyalty club.

We expect new store and services openings to remain second half weighted and are confident in our rollout targets for the full year.”

 

Image credit: Phil Sangwell

 

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