Pets at Home may have seen Q3 revenue rise 3.5%, but as it fell short of its expectations, the retailer has cut its profit guidance for the year to £132mn – That’s down from its previous target of £136mn.
In its latest statement, Pets at Home cited a “slowing market” and said sales of accessories remained “soft”. It saw volume growth in its food categories and shared the benefits.
Additionally, the wet side of the business saw continued strong performance with revenue up 13.4% and LFL up 13.3%. Pets said he was helped by his expertise and transition to more advanced procedures.
Lyssa McGowan, Chief Executive Officer of Pets at Home, commented: “Our partners came together in our peak trading period to deliver a record sales performance, building on last year’s very strong performance.
“While the slower than peak market means our sales growth has not been as high as we expected, the business is well positioned to benefit from long-term growth in the sector as we continue to win share and in food. Continue to grow volumes and deliver differentiated performance through our unique weight business.
Looking ahead, the pet care retailer will soon introduce a new digital platform, which it has successfully tested with a group of colleagues. The new platform is designed to improve customer experience and functionality on both its app and website.
“Our new digital platform is a key pillar of our growth strategy, bringing a much better user experience to our customers, and creating opportunities to improve cross-sell across accessories and further increase share of wallet. is,” McGowan explained.
Additionally, Pets at Home will launch a new, purpose-built distribution center to support its omni-channel capabilities.
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