{"id":2067012,"date":"2020-09-24T16:40:06","date_gmt":"2020-09-24T15:40:06","guid":{"rendered":"https:\/\/www.thebusinessdesk.com\/northwest\/?p=2067012"},"modified":"2020-09-24T16:44:56","modified_gmt":"2020-09-24T15:44:56","slug":"retailers-share-price-soars-to-record-high-on-upbeat-profit-forecast","status":"publish","type":"post","link":"https:\/\/www.thebusinessdesk.com\/northwest\/news\/2067012-retailers-share-price-soars-to-record-high-on-upbeat-profit-forecast","title":{"rendered":"Retailer’s share price soars to record high on upbeat profit forecast"},"content":{"rendered":"

The share price of Cheshire retailer Pets at Home hit an all-time high today after predicting profits would be higher than expected this year<\/a>.<\/p>\n

Its shares had already recovered from the market fall caused by the coronavirus lockdown and today soared 27% – adding more than \u00a3400m to the company’s market value.<\/p>\n

In a statement to the stock market, the FTSE 250 company said: \u201cAs a consequence of the sustained strength in performance we have seen, we now expect full-year underlying pre-tax profit to be ahead of current market expectations.\u201d<\/p>\n

The 450-store retailer also has veterinary surgeries and generates \u00a31bn a year in revenues.<\/p>\n

AJ Bell investment director Russ Mould said: \u201cIn the past less than flawless execution and the competitive threat posed by non-specialists like supermarkets has undermined what arguably should be quite a compelling story.<\/p>\n

\u201cBut assuming the recently stricter restrictions introduced in the UK don\u2019t trip the company up then it looks like it may have started to get its act together.<\/p>\n

\u201cDemand for the pet care services and products offered by the chain could prove resilient, particularly as there are signs that pet ownership is going up.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Enthusiastic investors push up group’s market value by \u00a3400m <\/p>\n","protected":false},"author":18,"featured_media":2066998,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47995],"coauthors":[81],"class_list":["post-2067012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retail","tag-top-story"],"yoast_head":"\nRetailer's share price soars to record high on upbeat profit forecast<\/title>\n<meta name=\"description\" content=\"Enthusiastic investors push up group's market value by \u00a3400m\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thebusinessdesk.com\/northwest\/news\/2067012-retailers-share-price-soars-to-record-high-on-upbeat-profit-forecast\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta 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