News Pet Chain Profits Rise By 37

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Pet chain profits rise by 37%
5th August 2019

By Sandra Pearce

Retail Pets Corner has seen another year of strong growth, with turnover rising 14% year on year to £52.8m.

 
Profits for the financial year ended September 30, 2018, have also risen sharply by 37% to £2.5m, up from £1.8m.
 
In its annual report, director Iain Dougal said: “The Group manages the retail economic risk by positioning itself firmly at the top end of the market, offering an unparalled variety of unique and cutting edge products, which are not impacted by continued online or competitor discounting. 
 
“Staff continue to be trained to the very highest standards of pet nutrition, customer service and animal husbandry via our curriculum structure which is unequalled in the pet trade.”
 
DISTRIBUTION CENTRE
 
Now in its 50th year of trading, Pets Corner – the UK’s second-largest pet chain – employs 900 staff and has more than 150 stores in England and Wales.
 
In the report, Iain said the group would be investing in its own distribution centre. Pets Corner had transitioned to a new banking partner, Investec and HSBC, which ‘shares our vision for the future’ and provides the chain with ‘the necessary support required to realise the long held ambition of acquiring our first wholly owned distribution centre’.
 
He said: “With uncertainty in the wholesale market this strategy is a key element in protecting the long-term future of the group.”
 
Dogwood, its in-house natural pet grooming spa, operates from 10 locations, with 50 more planned over the next five years.
 
Pets Corner also has a large number of own-label ranges, including its raw pet food ROR range. This high-quality product contains no bone and has seen good response. Pets Corner is also behind sustainable insect-based pet food brand Yora, which will be exhibiting at PATS Telford on stand G10.
 
Iain added: “The profitability of the company remains incredibly strong with 2019 again looking to be a record year. New store openings and relocations are already contributing to an increase in revenues and profit.”