Pets at Home has raised its full year guidance and started that it remains “cautiously optimistic” in the current climate after revealing robust first quarter figures.
Group revenue rose 9.9% to £303.4m in the 16 week period to 18 July. Retail revenue climbed 8.7% to £266.4m, with like-for-like growth of 8.2%. Online sales jumped 36% to £26.0m.
Its Vet unit saw revenue increase 18.8% to £37.0m
Pets at Home stated that it now expects underlying profit for the year to be slightly above current market expectations, reflecting good transaction and cash growth in its retail business, particularly in food and online. It also highlighted good progress in its vet unit.
Peter Pritchard, Group Chief Executive Officer, commented: “The momentum with which we exited FY19 has continued into the first quarter of FY20…We are also making good progress in our Vet Group. Our plans to buy out a number of Joint Venture vet practices have been carefully executed, whilst performance in the ongoing estate remains strong. We have the right foundations in place to accelerate the maturity of our vet practices in a sustainable way, delivering cashflow benefits to both Joint Venture Partners and Pets at Home.
“At this early stage in the year, and with ongoing uncertainty across the wider retail sector, we remain cautiously optimistic and focused on delivering our pet care strategy.”
