3rd Aug 2023 08:52
(Alliance News) - Pets At Home Group PLC on Thursday maintained its annual profit guidance following an "encouraging" first quarter performance.
The Wilmslow, England-based pet supplies retailer said revenue in the 16 weeks ended July 20 was GBP436.8 million, representing growth of 7.9% against the year prior and like-for-like growth of 7.9%.
Consumer revenue grew by 10% year-on-year, supported by volume and value growth, while Vet Group revenue grew 16% thanks to an increased number of visits, improving mix and continued growth in average spend.
"Our performance in the first quarter has been encouraging. The quality of our growth has remained strong as we grew transaction volumes and continued to acquire new consumers at an impressive rate, as our compelling value, range and service continues to resonate with consumers," said Chief Executive Lyssa McGowan.
The company made no change to its full-year guidance, saying it was "comfortable" with current analyst expectations for underlying pretax profit of GBP136.8 million, within a range of GBP132 million to GBP142 million.
In financial 2023, which ended March 30, Pets at Home reported an underlying pretax profit of GBP136.4 million.
Pets at Home will release its half-year results on November 28. Shares in the firm were down 0.9% at 369.40p on Thursday morning in London.
By Heather Rydings, Alliance News senior economics reporter
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