Pets At Home Q1 revenue up 8% to £277m

Chesire-based Pets At Home, the retailer of pet food, accessories and veterinary services, reported revenue growth of 8.1% to £277.4 million for the 16 week period to July 19 2018.

In a scheduled trading update, Peter Pritchard, Pets At Home CEO, said: “I am really pleased with our start to the year, particularly as trading across both retail and the vet business has been consistently strong.

“There are so many initiatives that are working: great promotions and more lower prices, capitalising on the hot weather with our biggest ever summer and cooling product range, the launch of our easy repeat online delivery service, and an excellent ‘Best Start in Life’ puppy healthplan campaign in vet practices.

“We are also bringing our offer together more effectively with the launch of the VIP puppy club online and on our App, which introduces customers to both sides of our business.

“We have made great progress with these initiatives, particularly the ongoing momentum in Retail more than a year on from the start of our price repositioning programme.

“But I believe we need a sharpening of focus to become a business that will continue to win over the long term, where it is essential that we maximise our assets and data as an integrated pet care business and reinvigorating the customer experience in-store becomes key.

“We know one of the biggest opportunities in our business is to accelerate the maturity and returns of our vet practices.

“We therefore need to address the challenges, such as the shortage of veterinary practitioners and the associated cost and cashflow support that is required.

“At the same time, there will always be a need to keep our retail pricing competitive.

“I know we have the capability to address these challenges whilst continuing to deliver the three year financial plan we have committed to.

“I am confident that we have a really exciting future ahead and am looking forward to sharing this strategy in more detail at our November interim results presentation.”