Pets at Home maintains profit outlook despite 1.1% revenue dip

Pets at Home has reaffirmed its full-year profit guidance after a mixed third-quarter performance saw total statutory revenue decline by 1% to £358m.

For the 12 week period to 1 January 2026, the group’s vet division reported a 5% increase in consumer revenue, supported by higher transaction values and care plan subscriptions. 

This growth helped offset a 1.1% decline in retail consumer revenue, although the company noted positive volume growth in food and accessories. 

Online sales remained the fastest-growing channel, recording low teens growth during the period.

The retailer has implemented a turnaround plan focused on four priorities: price, product, cost, and execution. As part of this initiative, the company invested in its price position by reducing the cost of more than 1,000 products by an average of 12%.

Total group like-for-like revenue fell by 0.7%, while active Pets Club membership dropped by 6.9% to 7.6m. 

The company attributed the membership decline to a change in data methodology, which also resulted in a 9.4% increase in average consumer value to £193. Subscription sales now represent 15% of total consumer revenue.

Looking ahead, the company expects to deliver full-year underlying pre-tax profit of approximately £93m, in line with analyst consensus.

The group also confirmed that James Bailey, former managing director of Waitrose, will join as chief executive on 30 March 2026. 

Additionally, Sarah Pollard is scheduled to join as chief financial officer on 23 March 2026, succeeding Mike Iddon.

Ian Burke, interim executive chair, said: “Our dedicated pet care colleagues and veterinary partners helped us to deliver a solid Q3 performance, which will enable us to achieve an FY26 underlying PBT outcome in line with consensus expectations.

“One of our key early actions as part of this plan included investing in our customer offer, reducing the price of over 1,000 products by an average of 12%, ensuring our customers know they can trust us to provide great value. With a new CEO and CFO joining in spring, our focus for the remainder of the year is on building momentum behind our four turnaround plan priorities.”