Pets at Home has reported better-than-expected revenue growth for its last fiscal year, even as it said it expects to accelerate its market share growth.
For the 53 weeks to 31 March 2022, overall revenue was up 15.3% year-on-year to £1.32bn, even as underlying pre-tax profit surged up 65.3% to £144.7m.
The revenue growth was boosted by an 18.5% jump in retail sales, itself helped by an 18.4% jump in online and 17.7% jump in physical-store sales. Sales of food were up in the year and accounted for 55.4% of total sales (+130bps), while accessories saw revenue growth but only accounted for 40.6% of total sales (-170bps). The number of active VIP members rose by 18% to 7.3 million.
Peter Pritchard, the outgoing CEO of Pets at Home, noted: “Despite another period characterised by significant and evolving external challenges, our performance this year has been noteworthy, delivering record sales, profit, and cash flow.”
Pritchard said the chain is on track to meet analysts’ expectations for underlying pre-tax profit of £151m for the ongoing fiscal year, adding that it was “well placed to accelerate our growth in market share” given the “robust backdrop of the UK pet care market”.
NAM Implications:
- Pets still at home.
- …are, and will be, ok going forward.
