News Pets At Home Profit Up Again In December



Pets at Home profit up again in December
8th January 2021

By Justine Thompson

Pets at Home is predicting its strong sales performance throughout 2020 to continue to the financial year end.

In a third-quarter trading update today (Friday), the UK’s largest pet retail group reported ‘high-teens’ profit growth during December.

The company said: “Our results on 24 November 2020, covering the 28-week period to 8 October, highlighted the inherent resilience of both our pet care model and the underlying pet care market. This was reflected in strong sales momentum across our retail and veterinary operations during the second quarter despite an extremely challenging external environment.

“This momentum has accelerated across all channels during our third quarter, with ‘high-teens’ group sales growth during December.”

The statement continued: “While renewed covid-related restrictions on a national level may constrain trade, we remain an ‘essential’ retailer and the measures we continue to take across our stores, veterinary practices and online operations are ensuring we remain in a strong position to meet all of our customers’ pet care needs.

“At this stage, based on trading year to date and assuming no change to our ‘essential’ designation, we now anticipate full-year underlying pre-tax profit, including the previously announced repayment of business rates relief of £28.9m, to be at least £77m ahead of our previous guidance.

“Our robust balance sheet and liquidity position was strengthened further at the end of 2020 through £80m in initial cash proceeds relating to the completion of the disposal of our Specialist Group.”