Profits wag for Pets at Home as revenues up 10 per cent thanks to Brits splurging on furry friends
Pets at Home made a profit during the first quarter with revenues rising 10.2 per cent to £568.2m, as the animal care brand was bolstered by new store openings.
The pet store, which operates 453 sites across the UK, said that total group revenue reached £436.8m, up 7.9 per cent when compared to last year, as Brits continue to splurge on pet toys despite the cost of living crisis.
During the term, Pets at Home opened two new shops and also refurbished nine stores in its estate.
The business also increased development of its digital platform, remaining on track to launch a new consumer app and website later this year.
In June the business launched a £50m share buy back scheme, which it said at the time was to reduce its share capital. It is on track to be completed in September.
Lyssa McGowan, chief of Pets at Home described the results this morning as “encouraging”
She said: “The quality of our growth has remained strong as we grew transaction volumes and continued to acquire new consumers at an impressive rate, as our compelling value, range and service continues to resonate with consumers.”
“It has also been a quarter of steady delivery against our strategic plan we set out in May. We have expanded and enhanced our physical estate, made good progress in the development of our digital platform, and continued the transition to our new distribution facility, as we execute on our ambition to build the world’s best pet care platform.”