PAMPERED POOCHES BOOST PROFITS FOR PETS AT HOME
PETS At Home upgraded its profits forecast yesterday, revealing that pets are still being pampered even as their owners cut back elsewhere.
The firm groomed more than 460,000 dogs in the past six months – more than 2,350 a day – and had 790,000 subscribers to its pet care packages. It said customers were still spending in their stores ‘despite all the madness’ on the High Street.
Sales were up 7.6pc to £546.3m in the first half of its year while profits soared from £8m to £34m.
Pets At Home has clocked up 11 consecutive quarters of sales growth, and said its strategy – to make itself a one-stop shop for all pet needs, including advice, vet care and grooming – was working despite online competition.
On the back of the results, the company’s shares rocketed more than 16.1pc, or 34.6p, to 249p, its highest level for more than three years.
Chief executive Peter Pritchard said: ‘People continue to spend on their pets despite all the madness outside.’