Published: January 30, 2024 at 2:25 a.m. ET
Written by Joe Hoppe
Pets at Home Group has slightly revised down its pre-tax profit forecast because the growth rate of its retail business unit in the third quarter was lower than expected.
The British pet care company said on Tuesday it expects group underlying pre-tax profit to be around 132 million pounds ($167.8 million) for the year ending March 31.
Written by Joe Hoppe
Pets at Home Group has slightly revised its pre-tax profit forecast downward as the growth rate of its retail business unit in the third quarter was lower than expected.
The British pet care company said on Tuesday that it expects group underlying pre-tax profit to be around 132 million pounds (about $167.8 million) for the year ending March 31. The company said it supported analyst consensus of around 136 pounds for its November interim results. a million. Underlying pre-tax profits for the previous year were reported at £122.5m.
Consumer revenue, which combines gross revenue and consumer sales from the joint venture veterinary practice, rose 6% year-on-year in the 12 weeks to January 4, driven by higher consumer spending and an increase in active VIP members. did.
Group total revenue increased by 4.3% to £362.4m, an increase of 4.4% in constant terms.
Within its business units, Vet Group reported a 13% increase in revenue. Retail revenue he increased by 3.5%, and in real terms he increased by 3.7%. The company said the latter's performance was resilient amid a difficult comparative period, but growth was weaker than expected as trends in discretionary accessories remained soft and inflation slowed.
Chief Executive Officer Lissa McGowan said: “We are committed to our long-term commitment to food products as we continue to gain market share, grow volumes and deliver differentiated performance through our unique veterinary business. “We are well positioned to benefit from strong growth.”
Email Joe Hoppe at joseph.hoppe@wsj.com.
