Pets at Home revenue grow in 2021 amid robust market
Its income increased by 5.8% in the last three months of the year, while the company warned about an “inflationary pressure” across the supply chain.
The UK’s largest pet care retailer posted £319.4 million ($431.68M / €382.50M) in revenue in the last quarter of 2021, which means an increase of more than 28% in two years.
“The UK pet care market remains robust, with strong continued growth in new pet owner customers, and prevailing customer themes of long-term pet ownership, humanization and premiumization, creating a sustainable tailwind for growth across our business,” the company said in a trading update.
The retailer admitted that they are witnessing price increases in the supply chain.
“While we are not immune to these challenges, we are proactively mitigating them through a series of planned initiatives targeting rent reductions, procurement savings and operational efficiencies across our business, and we continue to work closely with our supplier base to achieve the operational and purchasing synergies that enable us to maintain our competitive price index,” it said.
Pets at Home currently has 455 stores across the country after opening new centers in Brighton and Guilford.
Group CEO Peter Pritchard said that he remained confident that the strategic investments and the initiatives to increase operation efficiencies “will underpin sustainable, long-term and profitable growth.”
Pichard recently announced his intention to step down from his role by the summer and the search for his successor “is well advanced.”
The company also announced that Vet Group CEO Jane Balmain has the intention to retire from the business by spring 2023. “A search for her successor will commence shortly.”
Pets at Home expects to post a yearly revenue of £2.3 billion (€2.7B / $3.06B) over the medium term compared to the £1.4bn achieved in 2020.
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