// Pets at Home full-year profits and sales rise and is “well placed to accelerate growth in market share”
// It recorded a 65.3% surge in underlying pre-tax profits to £144.7m for the year to March 31
Pets at Home has seen its full-year profits and sales rise as it benefitted from the increase in pet ownership and pledged to keep prices competitive despite cost pressures.
The group recorded a 65.3% surge in underlying pre-tax profits to £144.7 million for the year to March 31.
Like-for-like store sales were up 15.8% year-on-year to £984 million, while omnichannel sales rose 15.9% in like-for-like terms to £190 million.
Pre-tax profits on a 53-week basis rose to £148.7 million, up from £106.3 million the previous year.
READ MORE: Pets at Home hires new chief operating officer for veterinary business Vets4Pets
Pets at Home said it is “not immune to current industry-wide inflationary pressures, in particular the impact of raw material, energy and freight costs”.
“We have clear plans in place to keep our pricing competitive for customers, while doing everything we can to reduce our own costs.”
The group added that it sources more than 80% of its goods from its home market, which is helping to limit freight and shipping costs.
“We continue to work closely with our broad base of suppliers to mitigate inflation where possible across the supply chain,” it said.
Outgoing chief executive Peter Pritchard, who will hand over the reins to Lyssa McGowan at the end of May, said: “Despite another period characterised by significant and evolving external challenges, our performance this year has been noteworthy, delivering record sales, profit, and cash flow.
“I hand over leadership of this great business to Lyssa McGowan with the utmost confidence that Pets at Home will continue to create value for all stakeholders in both the near and longer-term.”
Pets at Home added 1.2 million new shoppers to its customer base in the year, while the number of members of its VIP loyalty scheme rose 18% year-on-year to 7.3 million.
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