Financial snapshot: Mixed results for global pet retailers in H1 2025

Leading global pet retailers delivered strong performance in their latest financial results. Among the 7 players analyzed by GlobalPETS, only 2 presented negative results in the second quarter or first half of 2025.

Overall, both positive and negative impacts arose from the macroeconomic scenario and each company’s specific business strategies. Movements that contributed to positive results involved acquisitions, store expansions and a bet on a model that values ​​convenience. 

Macro side

On the macro side, the recovery of some consumer markets, like the Nordic countries, contributed to boosting demand, as well as the decreasing interest rates seen across economies such as Europe, the UK and, much more recently, the US.

Additionally, there’s the push from pet parenting trends themselves, which “drive long-term structural market growth,” as presented by Musti Group. This includes the normalization of pet ownership following a peak and decline post-pandemic, as well as the strengthening of premium products.

For the negative results, the weakening of demand in the consumer sector and the deceleration of some economies were a burden, especially for American companies, as the US saw a slower growth this year. 

Central Garden & Pet, for instance, pointed to the shift in consumer behavior amid macroeconomic and geopolitical uncertainty as a risk in their outlook. 

The ones who thrived…

Musti Group

The Nordic company experienced a notable percentage increase: It boasted 14% growth in net sales year-on-year (YoY) to €241.5 million ($263M) in the first half of the year.

The result is closely linked to the acquisition of Pet City in the Baltics, as it contributed to a €17.3 million ($18.9M) increase in net sales. This was driven by 7 store openings that had a direct positive impact on the rise in store sales.

Chewy

American online pet retailer Chewy reported an 8.6% YoY increase in net sales to $3.1 billion (€2.9B) for the second quarter of FY2025, which ended 3 August.

One of the biggest winners of the quarter was autoship customer sales, which accounted for 83% of total net sales and grew 15% YoY.

Petz

Brazil’s largest pet retailer showed a strong first half of FY2025: it reported a gross revenue increase of 8.2% to R$2 billion ($400M/€360M).

The company increased in-store sales and digital margins and recovered the accessories segment compared to last year’s performance. According to Petz, another highlight of H1 was the increased penetration of private label products.

Pet Valu

The Canadian retailer reported a 5.8% surge in revenue in Q2, accounting for CA$280.6 million ($207.6M/€190.8M). The quarter was also marked by the opening of 3 new stores.

According to the company, not only did the number of transactions increase, but also the spend per transaction. Among the reasons for the positive result, Pet Valu cited higher gains on foreign exchange.

… And the ones who suffered

Pets at Home

With a different fiscal year, the British Pets at Home ended the first quarter of its FY2025 on 17 July 2025 with a 1.9% decline in revenue, reporting £435 million ($555.4M/€514.4M).

While the consumer revenue segment contributed to the decline in general revenue, the veterinary business helped stem the overall decline, as it rose 7.1%, driven by higher average transaction values and an increased number of health plans.

The weakening of the UK market and lack of growth in the pet sector specifically contributed to the negative result.

Central Garden & Pet 

Central’s most up-to-date report showed bad news: it notes a 4% slip in net sales to $961 million (€884M) for the third quarter of FY2025, ending 28 June. The pet segment also declined, dropping 3% to $493 million (€454M).

According to the company, the results were driven primarily by assortment rationalization and softer demand in durable pet products during the quarter. The first 9 months of FY2025 accumulated $2.5 billion (€2.1B) in net sales. 

There was also an impact from deceleration in another pet-related operation, as the US-based company reported a $1.7 million (€1.5M) loss due to winding down its UK operations throughout the year. 

Petco

The American retailer is one of the most difficult cases to analyze in this list. Although it reported a 2.3% decrease in net sales, which totaled $1.5 billion (€1.3B) in Q2, it surpassed market expectations, and its operating income improved $40.6 million (€34.6M) to $43 million (€36.6M). 

According to the company, part of the impact on sales came from 25 net closures in FY2024 and 10 in FY2025. They also reported that performance in-store was strong, but offset by weakness in e-commerce.

Petco’s focus this year is on refining its economic model to drive growth by achieving cost discipline and enhancing capital allocation decisions. 

Full-year outlook

For the full year, Chewy raised its sales guidance from what was presented last quarter. Pet Valu also increased the outlook of its 2025 revenue, adjusted EBITDA, adjusted net income per diluted share and net capital expenditures, as the “business strengthened throughout the quarter,” says CEO Richard Maltsbarger.

Pets at Home adjusted its forecast for market growth after achieving results “below the initial expectations”, according to CEO Lyssa McGowan, who has since stepped down.

Petco maintained its net sales outlook and raised its earnings outlook.

Musti Group only says that its expectations are a gradual return to a market growth level of roughly 4%. And Central only states that it expects non-GAAP (Generally Accepted Accounting Principles) earnings per share of approximately $2.60 (€2.40) and capital expenditures of approximately $50 million (€46M) to $60 million (€55M).