Pets at Home has seen its shares jump nearly 18 per cent as it revealed strong revenues during the last quarter.
During the 16 weeks to July 19, the retailer saw group revenues jump 8.1 per cent to £277.4 million, thanks to a retail revenue boost of 6.9 per cent to £245 million.
Total revenue growth was also aided by a 47.3 per cent increase in omnichannel shopping to £19.1 million, while its in-store veterinary service saw revenues rise 18.4 per cent to £32.4 million.
Though the retailer did not reveal its profit figures, it said full year profit and cashflow outlook remained in line with expectations.
The news has sent Pets at Home’s stock surging 18 per cent, following a record low on Thursday.
Liberium analysts also upgraded its stock from hold to sell.
“I am really pleased with our start to the year, particularly as trading across both retail and the vet business has been consistently strong,” chief executive Peter Pritchard said.
“There are so many initiatives that are working: great promotions and more lower prices, capitalising on the hot weather with our biggest ever summer and cooling product range, the launch of our easy repeat online delivery service, and an excellent ‘Best Start in Life’ puppy healthplan campaign in vet practices.”
Next year Pets at Home plans to invest £20 million in its vets business, aiming to double the number of practices it operated to 1000.
It currently boasts an estate of 449 stores and 468 veterinary practices across the UK.