Pets at Home upgrades outlook as sales soar

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Pets at Home has raised its profit expectations as “strong sales momentum” continued into the first quarter.

The pet specialist reported that sales were up 25.7% to £377.8m in the first quarter to July 15, up 30.2% on a like-for-like basis or 29.4% on a two-year basis.

Pets at Home recorded that retail revenues also rose 29.1% year on year and 29.1% on a like-for-like basis, with good growth across both food and accessories.

The retailer’s veterinary business boomed during the period, with revenue growth of 44.7%.

Pets at Home said it now expects its profits for the full year to be at the top end of analyst expectations at £130m – up 49% on the previous year.

Chief executive Peter Pritchard said: “It is pleasing to note that many of the positive trends from our last financial year have accelerated in the current quarter.

“Key indicators point to continued growth in pet ownership, providing a supportive backdrop to long-term growth across the underlying market and our business, and we continue to see strong growth in new customers, subscription plans and veterinary clients.

“I remain incredibly grateful to all our colleagues and partners across the group for their continuous hard work and excellent customer service.

“Our unique, omnichannel pet care strategy continues to deliver, with strong momentum across both sides of our business, as well as good progress against our strategic priorities, meaning we look to the future with much confidence.”