2nd Apr 2020 09:47
(Alliance News) - Pets At Home Group PLC on Thursday said it expects to report profit ahead of expectations in its recently ended financial year but decided against offering any further guidance due to Covid-19.
The animal products retailer said that in the final weeks of its year to March 26, demand rose to "exceptional levels" both in store and online.
Shoppers in the UK controversially turned to stockpiling recently amid concerns food shortages could be caused by the virus pandemic.
Pets at Home said its underlying pretax profit will be "slightly above" the upper end of the market consensus range of GBP92.0 million to GBP97.1 million. Underlying pretax profit came in at GBP89.7 million in the year prior.
"Given the uncertain backdrop, we do not think it is appropriate to give financial guidance for financial 2021 and beyond at this stage," the company added.
The company has been designated as an "essential retailer" by the UK government, meaning it can remain open despite lockdown measures being imposed in the country.
The firm plans to announce its annual results on May 21.
Shares in the company were 2.7% lower at 233.60 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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