First quarter revenues up 9% for Pets at Home

CHESHIRE-based pet products retailer Pets at Home has reported a “solid start” to the first quarter of its financial year, with opverall revenues up 8.9% to £244.2m.

In its first quarter trading update to July 21, the company said like-for-like revenue growth of 2.7% was driven by advanced nutrition, omnichannel, vet and grooming services, alongside a return to positive sales growth in health & hygiene products.

Merchandise remains by far the largest division, with revenues up 4.9% to £210.5m, but its services division is where the growth is – revenues were up 43.4% to £33.7m, reflecting joint venture vet practice fee income up 22.5% to £12.4m and the contribution from newly acquired specialist referral centres.

The company opened four new Pets at Home store, three Vets4Pets practices and six Groom Room salons during the period.

Ian Kellett, chief executive, said: “Whilst the consumer outlook is uncertain, we remain confident in our long term strategy and are reassured by the historical resilience of the pet market in times of economic downturn. Our full year outlook remains in-line with market expectations.”