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Trading statements

Pets at Home vet practice boosts revenue by 5%

08 August 2017 08:01

Pets at Home (PETS) grew revenues by 5% to £256.5m in the 16 weeks to 20 July, driven by an 18.8% increase in services revenue to £40.1 million.

The company's joint venture vet practice income increased by 19.7% to £16.2m, while merchandise revenue growth was 2.8% to £216.4m.

Group like-for-like revenue grew by 2.7%, reflecting strong growth in first opinion and specialist referral vet services and a continuation of positive momentum in merchandise trading, the company said.

Ian Kellett, group chief executive officer, said the group continued its everyday lower price repositioning and reduced the reliance on short term promotional discounts.

"We remain encouraged by the overall response to our pricing changes and by the number of both new customers and those we have welcomed back.

"We have also strengthened our omnichannel capabilities substantially, with subscription services, Order-In-Store and Click & Collect performing particularly well. This underlines the importance of our store environment where customers benefit from products, services and colleague advice.

"Whilst it is still early in the year, the financial outlook is in line with our expectations. We are confident the investments we are making to grow our veterinary business and to reposition our pricing and deliver everyday value for our customers are creating a strong platform for sustainable future growth."

At 8:01am: (LON:PETS) Pets At Home Group Plc share price was +4.2p at 176.5p

Story provided by StockMarketWire.com

Related Company: PETS

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