24th Oct 2014 06:30
LONDON (Alliance News) - Pets At Home Group PLC Friday said like-for-like sales growth increased in the second quarter and the first half, driven by strong performances across its business units.
The FTSE 250-listed pet retailer said like-for-like sales growth hit 4.2% both in the second quarter and in the first half to October 9, with strong performances from its Advanced Nutrition, Health & Hygiene and VIP Club units. It also said it had seen continued sales growth in its veterinary practices and from its Groom Rooms.
Total revenue was up 10.2% to GBP381.5 million, with its core Merchandise business seeing revenues increase 8.9% to GBP348.3 million. Pets At Home said the Merchandise business revenue growth was driven by new store openings and a strong performance for its Food and Accessories segments.
Revenue for its smaller Services business rose 27% in the half-year, to GBP33.2 million, on new openings and increasing revenue from its vet practices and Groom Rooms. It said its joint venture veterinary practices also showed strong growth, with revenue up 28%.
The company said it is trading in line with its expectations for the year, adding gross margin improvements have been in line with its full year plans.
"We are very pleased with the strong like-for-like growth of 4.2% in the first half of our financial year. Our VIP Club continues to be a strong contributor to this growth, alongside both our new and existing veterinary practices and Groom Room salons," said Nick Wood, Chief Executive Officer of Pets At Home.
"This positive momentum across the business gives us further confidence in our ability to deliver on our expectations for the full financial year," Wood added.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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