- Full-year pre-tax profits up 3.7% to £92.1m
- Like-for-likes rise 2.1%
- Total sales climb 6.7% to £793m
Pets at Home has posted a rise in full-year profits and sales as its boss pointed to the “resilient” pet market, compared with general retail.
Statutory pre-tax profits rose 3.7% to £92.1m in the 53 weeks to March 31, the retailer said.
Total sales rose 6.7% to £793m, while like-for-likes climbed 2.1%.
Services, include grooming and vets, drove growth as like-for-likes in the division jumped 10%.
Pets at Home has also been trialling new concepts, including dog-only store Barkers and convenience concept Whiskers ’n Paws.
New chief executive Ian Kellett, who replaced Nick Wood in March, branded it “another year of good progress”.
He added: “The pet market has proved over time to be more resilient than general retail, so while consumer confidence may be more fragile, we believe our drive to become more specialist and most loved by customers will deliver further progress.”
Looking ahead, the retailer warned that margins will be hit by “weaker” sterling and the national living wage. But it added: “Over the medium to longer term we believe these challenges will be outweighed by the support from our growing services business, which is still maturing.”
Trading to date in its first quarter is “in line with our expectations”, the retailer said.
Earlier this year, Pets at Home reversed its decision to appoint Graeme Jenkins as its new finance boss, following an investigation into his former employer, Target. Pets said the decision was made by “mutual agreement”.