Pets at Home Q1 revenues hit £441m thanks to vet business
As a result the retailer's full-year guidance remains unchanged with the company expecting a group underlying PBT of £144m
Pets at Home has announced that its total group revenue rose 1% up to £441.1m for the 16 weeks ended 18 July 2024, compared with the same period last year.
Alongside this, its consumer revenue rose 1.5% to £576.6m supported by growing average customer spend and growth in active Pets Club members.
The retailer’s vet group revenue remained strong growing 17.1% driven by higher average spend and growth in visits.
However, its retail revenue was down 0.8% as expected with a stronger performance through the second half of Q1 driven by consistent market share gain.
The company is continuing to grow its subscription revenues and is now generating 11% of its consumer revenue.
As a result the retailer’s full year guidance remains unchanged with the company expecting a group underlying PBT of £144m.
Lyssa McGowan, CEO, said: “We are pleased to have delivered a resilient Q1, with our growth improving through the quarter as our offer continued to resonate well with UK pet owners. The benefits of our investments in logistics, stores and digital are coming through, and our unique joint venture vets continued to deliver differentiated performance, growing visits and attracting new customers, driven by our passionate, independent practice owners.
“As ever it is our people, and their unrivalled expertise, that continue to drive our business. I would like to thank our colleagues and vet partners for their ongoing passion and dedication to creating a better world for pets and the people that love them.”
