Pets at Home slightly lowers profit guidance after missing retail unit expectations.

Published: January 30, 2024 at 2:25 am ET

By Joe Hope

Pets at Home Group cut its pre-tax profit guidance slightly as its retail business unit grew less than expected in the third quarter.

The UK pet care company said on Tuesday it now expects group pre-tax profit of around 132 million pounds ($167.8 million) for the year ending March 31. He said in his November…

By Joe Hope

Pets at Home Group cut its pre-tax profit guidance slightly as its retail business unit grew less than expected in the third quarter.

The UK pet care company said on Tuesday it now expects a group underlying pre-tax profit of around 132 million pounds ($167.8 million) for the year ending March 31. Million. It reported an underlying pre-tax profit of GBP122.5 million for the last financial year.

Consumer revenue – which includes total revenue and consumer sales from joint venture wit practices – increased 6% for the 12 weeks ended Jan. 4 compared to a year ago, driven by higher consumer spending and an increase in active VIP members. Is.

Total group revenue rose 4.3% to GBP362.4 million, and was up 4.4% on a like-for-like basis.

Within its business units, Vet Group reported a 13% increase in revenue. Retail revenue increased 3.5%, or 3.7% on a like-for-like basis. While the company said the latter’s performance was resilient given the tougher comparative period, it said growth missed its expectations, with trends in discretionary accessories remaining soft and inflation slowing.

Chief executive Lisa McGowan said, “The business is well-positioned to benefit from long-term growth in the sector as we continue to gain food share and grow volume and deliver differentiated performance through our unique vet business. “

Write to Joe Hoppe at Joseph.hoppe@wsj.com.

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