Pets at Home continues to benefit from booming ownership as profits hit £ 70 million – archyde

Store pets at home

© PA-Archiv
Store pets at home

The boom in pet ownership is helping Pets At Home broke new records in sales as dog and cat lovers turn to more premium foods and products to pamper their pets, the company said.

The bosses admitted they are still struggling with supply chains, but despite issues affecting the entire retail sector, pre-tax profit rose 81.3% to £ 70.6 million for the six months ended October 7th.

Sales also rose 18% to £ 677.6m, including retail sales up 21.9% on a like-for-like basis, online sales up 21.5% year over year and veterinary group sales up 26.2% comparable basis.

Pets at Home saw sales soar after it was forced to close during the pandemic.  (Pets at home / PA)

© Provided by Evening Standard
Pets at Home saw sales soar after it was forced to close during the pandemic. (Pets at home / PA)

The company expects to continue benefiting from the increase in ownership, with earnings and sales likely to be at the high end of market expectations for the year.

All sectors grew, including food revenues up 21.4% to £ 336.7 million and sales of accessories such as dog toys and exercise equipment increased 20.9% to £ 257.7 million.

Pet owners also wanted to showcase their new dogs, with Pets at Home grooming revenue increasing 62.2%. The massive jump was partly due to all salons closing for 10 weeks during the pandemic a year ago.

In the Veterinary Business, like-for-like sales increased 26.2%, despite total sales declining 14.7% to £ 56.8 million due to the sale of the Pets at Home veterinary business.

Outgoing CEO Peter Pritchard said, “Our business has never been so robust.

“Our pet care strategy continues to deliver, we continue to gain market share and improve spend per customer, and the benefits of our investments in capacity and performance are really starting to unfold.

“Regardless of some short-term, industry-wide challenges, we continue to grow beyond our plans and, based on the previous trading year, are well on the way to announcing a record year with sales and profit growth.”

Sign up now for one of the Evening Standard newsletters. From a daily news briefing to insights into houses and real estate as well as lifestyle, going out, offers and more. For the best stories in your inbox, click here.

Leave a Reply

Your email address will not be published. Required fields are marked *