Pets at Home hits a “record” quarter driven by the vet business

Group revenue reached £347.5 million (€395M / $427.9M) in Q3 FY2023. In the same period of FY2022, the company posted £319.4 million (+5.8%).

Retail revenue increased 8%, including a record trading day of over £8 million (€9.1M / $9.8M) on 23 December 2022.

“We delivered a really pleasing Q3 with acceleration in sales momentum across the platform. Importantly, the quality of our growth remains strong as we continue to grow volumes and attract new customers through offering compelling value and service in what remains a challenging inflationary environment,” said CEO Lyssa McGowan.

According to Pets at Home, consumer revenues went up 30% compared with pre-pandemic times, underpinned by a record number of consumers and volume growth.

Vet business

One of the drivers of the quarter was the veterinarian business, which revenue jumped by 18.1% and broke the £10 million (€11.3M / $12.3M) weekly sales barrier for the first time.

The company said that new client registrations across Vet Group general practices “remained strong,” and now they have an active client base of 1.7 million.

Thanks to the “strong performance,” the British retailer increased its full-year profit guidance to the upper end of the current market range of £126 million (€143.3M / $155.1M) to £136 million (€154.6M / $167.4M), ahead of previous guidance of £131 million (€149M / $161.3M).