Shares of Wilmslow-based pet and vet retailer Pets at Home Group fell about 5% after it cut its full-year profit guidance amid what it called “subdued retail market growth rates.”

In a Q1 FY26 trading statement, Pets at Home said its consumer revenue was up 0.4% to £591 million against a “still subdued market backdrop.”

The firm said group statutory revenue declined 1.9% to £435 million, with group like-for-like revenue down 1.9%.

On current trading and outlook, Pets at Home said: “At our FY25 results we set our FY26 guidance based around an assumption of 2% growth in the pet retail market.

“While this scenario assumed improving growth through the year, the market growth rates experienced through Q1 have been below those initial expectations …

” … given the subdued retail market growth rates seen to date, we expect market growth to now be around 1% and adjust our guidance range to reflect this, now expecting underlying PBT (profit before tax) in a range of £110-120m. Vets continues to perform strongly and is on track to deliver further progress in FY26.

“Where we end up in our updated range is mostly dependent on the trajectory of retail market growth through the second half of FY26. Reaching the top end of guidance would require a step up in market growth, while the bottom end of guidance would imply a continuation of current subdued market trends through the remainder of the year.”