Pets at Home posts “strong” revenue, up 7.1%
The British pet supply retailer earned £404.7 million ($491M) in the first quarter of FY23 and maintains full-year guidance despite inflation.
Retail revenue increased by 6.6% in the three months to July 2022, with growth in both store and omnichannel. Omnichannel participation was 16.7% in the quarter, compared to 15.8% last year.
New CEO Lyssa McGowan welcomed the “strong” performance in the quarter “underpinned by continued customer growth and high levels of retention.”
“We operate a unique omnichannel model, in a market in structural growth, where the passion and expertise of our colleagues and partners is a key competitive advantage,” she stated.
The company claimed it is also “proactively” managing inflationary cost pressures through a planned series of productivity and efficiency initiatives.
Pets at Home earned 15% more in FY22 and reported revenue of £1.3 billion ($1.58B) in the year ending 31 March 2022 but warned of lower profits due to inflationary pressures and freight costs.
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