Pets at Home sales accelerate in fourth quarter

21st Apr 2016 08:18

(ShareCast News) - A year-end trading statement from retailer Pets at Home showed like-for-like (LFL) sales growth increased in the fourth quarter, with profits for the full year expected to meet forecasts.Thanks to 3.2% increase in LFL sales in the fourth quarter, the FTSE 250 group reported LFL sales growth of 2.2% in the 52 weeks to 24 March and 2.1% in the 53-week financial year.Group revenue rose 8.8% to £793.1m in the 53-week period, or 6.7% over 52 weeks, as 27 new shops were added during the year, of which 20 were eponymous superstores, six were dog-focused Barkers stores and one new trial format called Whiskers 'n Paws trial."With Group like-for-like revenue growth of 3.2% in the final quarter, we are pleased with the continued positive sales momentum in our Merchandise business and have seen excellent performance in both our vet practices and grooming salons," said chief executive Ian Kellett.Merchandise LFLs were up 1.4% in the 53-week period, with services LFLs up 10% thanks to the 15% increase in vet practices to 388 and the proportion of stores with pet groomers expanding to 56% from 45%.