Revenues up 7.8 per cent to £898.9 million
Like-for-likes up 5.5 per cent
Pre-tax profits down £79.6 million
Pets at Home has become the latest retailer to report falling profits as continued investment in its turnaround strategy hit margins.
In the year to March 29, revenues saw a healthy increase of 7.8 per cent to £898.9 million, while enjoying a 5.5 per cent boost in like-for-like sales with partly thanks to the recent heatwave.
Despite the rising sales, a £13 million investment in price reductions saw pre-tax profits drop 16.6 per cent to £79.6 million.
It is also pushing ahead with expansion plans and is expected to open up to five superstores, 25 vet practices and 10-20 grooming salons throughout 2018.
“I’m proud and excited to be taking over as chief executive,” said group chief executive Peter Prichard, who took the reigns last month.
“Our plans to reposition retail are working, more customers are coming back to shop with us, and we are committed to returning the business to profit growth.
“But it hasn’t been easy. We took decisive action, threw passion and energy into it, and delivered targeted pricing changes to give customers the products that mattered most to them, with the service and value they expect from us.
“Our product innovation this year has been the best I can remember and the investment we made in the development of a subscription service is bringing some excellent results, as is Order In-Store, which brings our full online range to every store in the business.”