Pets at Home says profit to be ahead of guidance

Shares of Wilmslow-based pet and vet retailer Pets at Home Group rose about 3% on Friday after it published a trading update for the fourth quarter of its current financial year saying it expects fill-year profit to be ahead of its previous guidance.

“In our trading update on 8 January 2021, our guidance for full-year profit out-turn reflected a number of ongoing uncertainties over the near-term outlook, including renewed challenges from higher Covid infection rates and restrictions on a national level, as well as potential supply disruption relating to the UK’s exit from the European Union,” said Pets at Home.

Notwithstanding this challenging external environment, our performance over the last eight weeks has been ahead of expectations, with continued strong and broad-based growth across all channels and categories.

“Accordingly, based on trading year to date, we now anticipate full-year underlying pre-tax profit, including the previously announced repayment of business rates relief of £28.9m, to be approximately £85m, which is ahead of our previous guidance of at least £77m.

While recent positive progress around vaccinations for Covid-19 reduces the level of uncertainty ahead, our priority remains safeguarding the health, safety and wellbeing of all of our colleagues, partners and customers.”