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Vets and grooming boost Pets at Home

Published: 24 November 2015
Pets at Home's ambitious expansion plans are on track, the retailer said today, as it released its half-year results.
Vets and grooming boost Pets at Home
In the 28 weeks to October 8 2015, the retailer added six Pets at Home stores, bringing the total to 405, and opened two more Barkers stores, bringing the trial format to a total of three. The company said its target for the full year remained at up to 25 more Pets at Home outlets and five Barkers.

The retailer grew sales by 6.0% to £404.5m over the period, up 1.8% like for like. Merchandise revenues were up 4.1% (1.0% LFL) to £362.6m. Within that, food revenues grew 7.1% to £202.1m, with advanced nutrition growing 13.7% to £85.8m. Accessories revenues were up 0.6% to £160.5m, offset by disappointing health and hygiene product sales.

On the services side sales surged by 26.2% (10.5% LFL) to £41.9m, reflecting growth in both vets and grooming, and the company's new specialist referral hospital.

Over the period the company opened 15 more vet practices, bringing the total to 353, and 10 more grooming salons - there are now 190.

Strong margin expansion in both merchandise and services delivered a gross margin of 54.1%, up 27 basis points on the previous year.

Said chief executive officer Nick Wood: "Our core strategic drivers remain strong, and I'm pleased with the progress we have made in the first half of the year, highlighted by a 13.4% rise in earnings per share.

"Pet services have again grown significantly, benefiting from sustained organic growth in both our vet and grooming businesses, together with encouraging results from the acquisition of our first specialist referral hospital.

"In merchandise we continue to lead the market and grow our share in advanced nutrition foods."

Along with 25 more Pets at Home stores and five new Barkers, the company plans to have opened 60 more grooming salons and 55 more vet practices in its full financial year.

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