Pets at Home revenues recover following easing of lockdown restrictions
By Iain Gilbert
Date: Friday 31 Jul 2020
(Sharecast News) - Animal care business Pets At Home reported lower revenues due to the coronavirus lockdown, but said trading had improved after measures were eased.
The company said like-for-like revenues fell 13.5% in the eight weeks ended 22 May as it shuttered its retail premises due to the Covid-19 pandemic. However, LFL revenues then surged 12% in the eight weeks ended 16 July as a result of "exceptional, brought forward demand".
Total group sales for the period were 1% lower year-on-year, and 0.7% softer in LFL terms.
The FTSE 250-listed group, which will launch an upgraded click and collect service, highlighted that it was only permitted to sell essential products and was forced to keep its grooming salons closed during he initial lockdown period.
Chief executive Peter Pritchard said: "The effects of Covid-19 continue to have an unprecedented impact on all of our lives.
"While much has changed, and continues to do so, we remain confident in the long-term sustainability of our pet care business, where the love of pets and the role that they play in our lives is only increasing."
As of 0855 BST, Pets at Home shares had shot up 8.11% to 278.70p.
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