Pets At Home Q1 revenues grow amid 'continued strong performance'

5th Aug 2022 07:05

(Sharecast News) - Pet supplies retailer Pets At Home said on Friday that it had delivered a "continued strong performance" in its first trading quarter, with all channels remaining in growth.

Pets At Home said total group revenues were up 7.1% at £404.7m, while like-for-like revenues were up 6% year-on-year, reflecting broad-based growth throughout the 16 weeks ended 21 July.

The FTSE 250-listed firm stated that retail revenues were up 6.6%, while vet group revenues had risen 11.2%.

Pets At Home, which kept its full-year guidance unchanged, also reported good sales to profit conversion as it looked to proactively manage inflationary cost pressures through a planned series of productivity and efficiency initiatives.

Chief executive Lyssa McGowan said: "Our performance has remained strong in the first quarter, underpinned by continued customer growth and high levels of retention. We operate a unique omnichannel model, in a market in structural growth, where the passion and expertise of our colleagues and partners is a key competitive advantage."

Reporting by Iain Gilbert at Sharecast.com