A pet groomer tends to a dog at The Groom Room, at pets at home in Milton Keynes, following the outbreak of the coronavirus disease (COVID-19), Milton Keynes, Britain, June 8, 2020. REUTERS/Andrew Boyers/File Photo
Register now for FREE unlimited access to Reuters.com
Aug 5 (Reuters) – Pets At Home (PETSP.L) reported a rise in first-quarter revenue on Friday and maintained its full-year profit outlook, shrugging off some concerns that the British pet supplies retailer could be hit by the cost-of-living crisis.
The company ramped up its online offering and banked on subscriptions for regularly used items to rake in record profits when work-from-home lifestyles and lockdowns spurred pet demand in Britain.
Chief Executive Lyssa McGowan told analysts the shift in lifestyles post lockdowns had driven up demand in its vet services demand. Vet group revenue increased by 11.2% in the 16 weeks to July 21.
Register now for FREE unlimited access to Reuters.com
Also pet food appears relatively immune to higher prices, because it is bought for loved but fussy dependants and does not represent a big proportion of household budgets.
Pets At Home, founded by British businessman Anthony Preston in 1991, said it retained 1.1 million of the customers it picked up last year, while the number of active VIP customers – holders of a loyalty card offering discounts – rose to a record 7.4 million.
Matt Britzman, analyst at Hargreaves Lansdown, said the firm’s “omnichannel” strategy, combining online orders and in-store services, was a “gold mine”.
“That’s testament to a lot of work that’s gone into boosting the online offering, with services like click and collect meaning customer journeys are a mix of online and in-store,” Britzman said.
Revenue rose 7.1% to 404.7 million pounds ($491 million) in the quarter, while like-for-like sales rose 6%.
Inflation has impacted the business in recent months, with rising prices of raw materials and energy, but the company said it was well placed to manage those pressures.
Shares in Pets At Home were up 0.4% in late morning trade.
($1 = 0.8235 pounds)
Register now for FREE unlimited access to Reuters.com
Reporting by Eva Mathews in Bengaluru; Editing by Rashmi Aich and David Holmes
Our Standards: The Thomson Reuters Trust Principles.
Pets At Home quarterly sales up as pandemic boom survives & Latest News Update
Pets At Home quarterly sales up as pandemic boom survives & More Live News
All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get
all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue
to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.
Pets At Home quarterly sales up as pandemic boom survives & More News Today
All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this made available to all of you so that you are always connected with the news, stay ahead in the matter and keep getting today news all types of news for free till today so that you can get the news by getting it. Always take two steps forward
Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links