Pets at Home eyes £8m Brexit stockpiling amid quarterly update

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Pets at Home
// Pets at Home reports 5% rise in quarterly like-for-likes
// Retail like-for-likes up by 4.7%
// Specialist retailer also announces plans to spend £8m stockpiling for possible no-deal Brexit

Pets at Home has announced that may spend £8 million stockpiling on pet food and products as uncertainty around Brexit continues.

The news was unveiled amid a positive third quarter trading update, in which the lifetsyle retailer reported a 5.1 per cent rise in quarterly like-for-like revenue for the 12 week period ending January 4.

Pets at Home’s sales was boosted by an increasing number of customers buying its pet products and using its grooming services.

Retail like-for-like sales rose by 4.7 per cent while Pets at Home’s veterinary business reported a like-for-like increase of 9.1 per cent.

The retailer also reported a strong sales period in its retail division in the run up to Christmas, with the Saturday before Christmas being its biggest trading day ever.

Pets at Home’s plans to spend £8 million stockpiling makes it the latest retailer to prepare for a possible no-deal Brexit, joining the ranks of Marks & Spencer, Tesco and The Entertainer who have announced their own stockpiling plans.

“As we approach our financial year end and monitor the Brexit process, we may consider increasing our inventory holding by up to £8 million,” Pets at Home said.

Pets at Home is currently restructuring its business to become a complete pet care company by combining its retail and vet arms.

It reported that it was on track to achieve its full-year results forecast.

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