Pets at Home's profits fall despite increase in sales
Pets at Home has seen its pre-tax profits fall by 16.6 per cent.
Pets at Home has reported a fall in its pre-tax profits in spite of an increase in sales.
According to Retail Gazette, Pets at Home saw a rise in revenue of 7.8 per cent to £898.9 million in the year to March 29. At the same time, the retailer benefited from a 5.5 per cent surge in like-for-like sales.
A £13 million investment in its turnaround strategy, however, saw its pre-tax profits fall by 16.6 per cent to £79.6 million.
Chief executive Peter Pritchard told Retail Gazette that Pets at Home would be going ahead with its planned expansion. Over the coming months, the Group expects to open up to five superstores, 25 veterinary practices and 10-20 grooming salons.
“Our plans to reposition retail are working, more customers are coming back to shop with us, and we are committed to returning the business to profit growth,” he said.
“But it hasn’t been easy. We took decisive action, threw passion and energy into it, and delivered targeted pricing changes to give customers the products that mattered most to them, with the service and value they expect from us.
“Our product innovation this year has been the best I can remember and the investment we made in the development of a subscription service is bringing some excellent results, as is order In-Store, which brings our full online range to every store in the business.”
FIVP has shared a survey, inviting those working in independent practice to share their views on the CMA's proposed remedies.
