Pets at Home is off to an encouraging start to its new fiscal year

Pets at Home noted a 10.2% increase in consumer revenue in the first quarter of its fiscal year (FY) 2024. In the 3 months to 20 July 2023, the company reached £568.2 million ($721M/€‎658M) in consumer sales. 

According to the company, this was supported by both volume and value growth.

The vet segment grew by 16.3%, mainly driven by the increase in visits, while retail revenue grew but a slower pace (7.1%).

CEO Lyssa McGowan notes that the performance in the period has been “encouraging” and that the company has acquired new consumers at an “impressive” rate. According to the figures, the retailer’s VIP base increased by 4% in the last 3 months to 7.7 million subscribers. 

Retail 

In the retail segment, the company said that its food category’s volume growth is evident in both its grocery and premium categories. Pets at Home adds that accessory trends “were consistent with previous quarters” as expected. 

During the quarter, 2 new in-store pet care centers were opened, and the group completed 9 refits.

The company’s recently announced a rebrand of its care branch, which now operates under the identity of Pets. The £2 million ($2.5M/€2.3M) cost included revamping its veterinary and grooming services.

Digitalization 

Pets at Home highlighted the “continued progress” in developing its digital platform. 

According to the company, it is on track for the cutover of its consumer app and website later this year. This is a “key foundation” for growth in the years ahead.

Some recent plans, including the relaunch of the company’s care plans, were made available during this quarter. The retailer added that it has already experienced “strong consumer uptake” from this.

Pets at Home announced its plans to go bigger in digital at the beginning of June.