Pets At Home Q1 revenues grow amid 'continued strong performance'
By Iain Gilbert
Date: Friday 05 Aug 2022
(Sharecast News) - Pet supplies retailer Pets At Home said on Friday that it had delivered a "continued strong performance" in its first trading quarter, with all channels remaining in growth.
Pets At Home said total group revenues were up 7.1% at £404.7m, while like-for-like revenues were up 6% year-on-year, reflecting broad-based growth throughout the 16 weeks ended 21 July.
The FTSE 250-listed firm stated that retail revenues were up 6.6%, while vet group revenues had risen 11.2%.
Pets At Home, which kept its full-year guidance unchanged, also reported good sales to profit conversion as it looked to proactively manage inflationary cost pressures through a planned series of productivity and efficiency initiatives.
Chief executive Lyssa McGowan said: "Our performance has remained strong in the first quarter, underpinned by continued customer growth and high levels of retention. We operate a unique omnichannel model, in a market in structural growth, where the passion and expertise of our colleagues and partners is a key competitive advantage."
Reporting by Iain Gilbert at Sharecast.com
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