Pets At Home ups guidance as Q1 revenue tops £303m

Wilmslow, Chesire-based pet and vet retailer Pets At Home said on Friday its first-quarter revenue grew 9.9% to £303.4 million — and said it expects underlying profit for the year to be slightly above current market expectations.

The news came in a scheduled trading update for the 16 week period July 18, 2019.

Pets At Home CEO Peter Pritchard said: “The momentum with which we exited FY19 has continued into the first quarter of FY20. 

“We have seen a strong sales performance across the business, particularly in Retail where like-for-like sales were 8.2% – an impressive 14% on a two year basis.

“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.”

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