Pets at Home reported a jump in full-year profits and sales as outgoing boss Peter Pritchard as the retailer is ’well placed to accelerate our growth in market share’.
Pets at Home reported a 63.3% spike in underlying pre-tax profit to £126.4m, driven by a 15.3% rise in group revenue year-on-year to £1.3bn, up 15.8% in like-for-like terms.
The specialist retailer’s like-for-like stores sales increased 15% year-on-year to £984m, while omnichannel sales rose 15.9% in like-for-like terms to £190.0m.
The retailer added 1.2m new shoppers to its customer base in the year, while the number of members of its VIP loyalty scheme rose 18% year-on-year to 7.3 million.
Pets at Home said that its outlook for pre-tax profit for its current financial year was in line with the analyst consensus of £151m, with a range of £146m to £157m, “notwithstanding enduring industry-wide inflationary pressures which we continue to manage proactively, in particular the impact of raw material, energy, and freight costs.”
Outgoing CEO Peter Pritchard said: “Despite another period characterised by significant and evolving external challenges, our performance this year has been noteworthy, delivering record sales, profit, and cash flow.
“We are well placed to accelerate our growth in market share. The robust backdrop of the UK pet care market, coupled with our clear strategic priorities, proven omnichannel model and strong Executive Team, mean that I hand over leadership of this great business to Lyssa McGowan with the utmost confidence that Pets at Home will continue to create value for all stakeholders in both the near and longer-term.”
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