19th Jan 2017 07:47
LONDON (Alliance News) - Pets at Home Group PLC on Thursday reported growth in revenue in the third quarter of its financial year and said its full-year profit outlook remains in line with expectations.
The retailer for pets and pet owners said group revenue in the 12 weeks ended January 5 grew by 4.4% year-on-year to GBP203.7 million, as services revenue rose by almost half to GBP26.3 million but merchandise revenue remained flat at GBP177.4 million.
Pets at Home said the big increase in services revenue reflected vet practice fee income from joint ventures and a contribution from its newly-acquired specialist referral centres.
Trading in the merchandise business remained "subdued", but the retailer noted that online sales grew strongly and that it saw a good performance in its Christmas range.
Like-for-like revenue, meanwhile, rose by 0.1% thanks to 7.0% growth in services which offset a 0.5% decline in merchandise.
"With a quarter to go, our profit outlook for the year remains in line with expectations, reflecting both the continued investment in our customer offer and ongoing efficiency initiatives. Our focus on becoming more specialist, and doing the right thing for our customers, remains at the forefront of our strategy," Chief Executive Ian Kellett said in a statement.
By Karolina Kaminska; [email protected]; @KarolinaAllNews
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