Pets at Home sales increased across all its divisions across the golden quarter, as CEO Peter Pritchard says the retailer is “firmly on track” for a year of record sales and profit growth.
Pets at Home reported an 8.7% rise in like-for-like group sales year-on-year in the 12 weeks to December 30, up 9% and 4% across its retail and veterinary divisions respectively.
Overall, group sales across the specialist chain rose 5.8% to £319.4m during the period, while on a two-year basis the retailer’s group sales rose 28.1% in like-for-like terms.
The rate of like-for-like sales growth in Pets at Home’s third quarter slowed compared to preceding financial periods, but outgoing chief executive Peter Pritchard said the retailer was still “firmly on track to report a record year of sales and profit growth”.
VIP loyalty program a success
Sales across the retailer’s website, in-store order service and subscriptions rose 16.7% year-on-year and doubled on a two-year basis, accounting for 15.9% of the Pets at Home’s overall sales during the quarter.
Approximately a quarter of the specialist retailer’s loyalty scheme members shopped across multiple channels during the quarter, marking an 18% rise year on year.
Overall membership of its VIP loyalty program rose 13% year-on-year to 7 million, up 34% on a two-year basis.
The retailer said it planned to mitigate inflationary pressures across its supply chain “through a series of planned initiatives targeting rent reductions, procurement savings and operational efficiencies across our business”.
Pritchard 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.”
The retailer will also shortly kick off a search for a successor to its outgoing chief operating officer Jane Balmain, who plans to retire from the business in 2023.
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