// The boom in pet ownership continues to help Pets at Home hit new records in sales
// Despite supply chain issues hitting the retail sector, pre-tax profits for the six months to October 7 soared 81.3%
Pets at Home has reported a rise in profits in its half-year results after “stronger than expected” growth in pet ownership boosted sales.
The boom in pet ownership helped the retailer hit new records in sales as dog and cat lovers turn to more premium food and products to pamper their pets, the company said.
Bosses admitted they are still experiencing difficulties in supply chains but despite the issues hitting the entire retail sector, pre-tax profits for the six months to October 7 soared 81.3 per cent to £70.6 million.
READ MORE: Pets at Home CEO quits after 11 years
Revenues were also up 18 per cent to £677.6 million, including retail sales jumping 21.9 per cent on a like-for-like basis, online sales up 21.5 per cent on a year ago and revenues from its vet group grew 26.2 per cent like-for-like.
The retailer said it expects to continue benefiting from the rise in ownership, with profits and sales for the year likely to hit the top end of market expectations.
All areas saw growth, including food revenue up 21.4 per cent to £336.7 million and sales of accessories such as dog toys and training devices rose 20.9 per cent to £257.7 million.
Pet owners also wanted to show off their new dogs, with revenues at Pets at Home’s grooming services up 62.2 per cent. The significant jump was, in part, due to all salons closing for 10 weeks during the pandemic last year.
Pets at Home outgoing chief executive Peter Pritchard said: “Our business has never been more robust,”
“Our pet care strategy continues to deliver, we continue to take market share and improve spend per customer, and the benefits of our investment in capacity and capability are really starting to deliver.
“Notwithstanding some near-term, industry-wide challenges, we continue to grow ahead of our plans and, based on trading year to date, we are on track to report a record year of sales and profit growth.”
Click here to sign up to Retail Gazette’s free daily email newsletter
