Pets at Home profits down almost 40% but CEO remains upbeat

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Pets at Home
// Pets at Home underlying pre-tax profit up 6.1% to £89.7m
// Revenue rose by 6.9% to £961m, driven by a 5.7% rise in like-for-like sales
// Profit before tax down 37.7% to £49.6m

Pets at Home chief executive has said he remains confident about the retailer’s strategy despite posting mixed preliminary results.

The British pet supplies retailer saw its underlying pre-tax profit rise 6.1 per cent to £89.7 million in the 52 weeks to March 28.

However, on a statutory basis, profit before tax declined 37.7 per cent to £49.6 million thanks to the costs of its vet portfolio.

Meanwhile, revenue rose by 6.9 per cent to £961 million, driven by a 5.7 per cent rise in like-for-like sales during the period.

Pets at Home chief executive Peter Pritchard said the business was “trading strongly and taking share across the pet market”.

Despite the mixed results, Pritchard was confident about successfully repositioning the retailer’s vet group so Pets at Home would be well placed to deliver its strategy.

“Customers are loving our lower prices, the convenience of subscription packages, high-quality veterinary care and pet health plans,” he said.

“We launched our pet care strategy last year and we’re already making good progress, bringing our retail and vet businesses closer together.

“I’m pleased with our progress and the results we have delivered, but there remains plenty to do.”

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