By Ian Walker
Pets at Home Group has announced that its revenue for the first quarter of the year has experienced significant growth, driven by higher volume and value. The U.K. pet-care company is confident in its full-year guidance.
According to the company, consumer revenue, which includes joint venture vet practices, increased by 10% over the 16 weeks ended July 20, reaching £568.2 million ($722.2 million). Total group revenue also saw a notable rise of 7.9% to £436.8 million, with the same increase seen on a like-for-like basis.
Pets at Home Group has provided a consensus underlying pretax profit estimate of £136.8 million for fiscal 2024, excluding exceptional and one-off items. The estimated range lies between £132 million and £142 million, compared to £136.4 million recorded for the fiscal year that ended on March 31, 2023.
Chief Executive Lyssa McGowan expressed satisfaction with the company's performance in the first quarter. She emphasized that their growth has remained strong as they increased transaction volumes and attracted new customers at an impressive rate. The CEO attributed this success to the company's ongoing commitment to providing consumers with appealing value, a wide range of products, and excellent service.