Jollyes has reported record sales growth in its first quarter results, which it said was “almost exclusively” from growth in volumes, not price inflation.
The petcare retailer posted total sales of £33.7m for the 13 weeks to 27 August 2023, up a third on the £25.3m it posted in last year’s first quarter results.
Like-for-like sales jumped 23.1% for the quarter, and growth was “materially faster than other retailers in the pet sector” it said in a statement.
According to the retailer, like-for-like growth had almost exclusively come from transaction growth, and not via price inflation, which accounted for only two per cent. It also said that despite inflation it had been able to reduce prices on key lines in the quarter.
Jollyes opened three new flagship stores during the period, in Swindon, Merthyr Tydfil and Belfast, taking its total to 93 stores – 26 of which were added in the past two years.
It confirmed that with the backing of HSBC it had plans to increase its store opening programme and add more locations over the next 12 months, breaking through the 100-store mark by May 2024. Store opening locations in this calendar year include Harrogate and Widnes in September, Swadlincote and Reading in October and Hull in Novmber, while stores in north and south Yorkshire, Tyneside, Bristol, South Wales, Northern Ireland and central Scotland are planned in the first half of 2024.
Jollyes CEO Joe Wykes said: “Our performance in our opening quarter of this financial year underlines the effectiveness of the strategy we’ve put in place – delivering exceptional value to our customers, powered by the most knowledgeable colleagues in the industry.
“It’s clear that the dedication of our people and our commitment to value, combined with smart use of our PetCLUB membership data, is a compelling recipe, delivering strong performance in our existing stores and allowing us to open new locations that perform from day one.
“Growing retailers – especially those developing at our pace – are exciting places to work, but I know that can also be demanding on our own people. Once again I’d like to thank our whole team for what they’ve all contributed.
“Nothing has made me prouder this quarter than the investment we’ve made in them, as we work hard to be one of the best employers in retail.”
No comments yet