TIDMPETS
RNS Number : 6476H
Pets At Home Group Plc
02 August 2019
FOR IMMEDIATE RELEASE, 2 AUGUST 2019
Pets at Home Group Plc: Q1 FY20 Trading Statement
A strong start to the year, delivering our pet care strategy
Pets at Home Group Plc, the UK's leading pet care business,
today announces a scheduled trading update for the 16 week period
from 29 March to 18 July 2019, compared with the 16 week period
from 30 March to 19 July 2018.
Financial summary
-- Group revenue(1) growth of 9.9% to GBP303.4m
o Retail revenue up 8.7% to GBP266.4m, including omnichannel(2)
revenue up 36.0% to GBP26.0m
o Vet Group revenue(1) up 18.8% to GBP37.0m. First Opinion
customer sales growth across all vet practices was 11.4%, with
mature practices growing ahead of the market
-- Group like-for-like(3) revenue growth of 8.0%
o Retail like-for-like revenue growth of 8.2%
o Vet Group like-for-like revenue growth(4) of 6.2%, with
like-for-like Joint Venture fee income up 1.1% to GBP16.2m,
reflecting the planned impact of our fee remediation measures
-- We now expect underlying profit for the year, before IFRS16
impacts(5) , to be slightly above current market expectations(6) ,
reflecting:
o Good transaction and cash growth in Retail, particularly in
food and omnichannel where strong growth has more than offset
adverse margin mix
o Vet Group underlying performance in line with our plans, with
the financial impact of buying out a number of Joint Venture vet
practices comfortably within expectations
-- All other FY20 financial guidance components(7) are maintained
Strategic highlights
We are introducing more customers to our complete pet care
offer, allowing us to take a greater share of their overall
spend:
o Number of VIPs who purchase products and a service has grown
23% y/y, driven by increased use of both the Groom Room and our
First Opinion vets
o Number of subscription customers(8) across the Group is now
over 765,000
-- In Retail, our investment in convenient, competitive and
innovative shopping has brought success across categories, in
particular with acquiring new customers and their food shop
-- Vet Group recalibration on track, with the buy out and closure of practices largely complete
-- Formed a strategic partnership through an investment in
Tailster.com, a leading online marketplace in the UK for pet
walking, sitting and boarding services, which will enhance our pet
care services to customers
Peter Pritchard, Group Chief Executive Officer, commented:
"The momentum with which we exited FY19 has continued into the
first quarter of FY20. We have seen a strong sales performance
across the business, particularly in Retail where like-for-like
sales were 8.2% - an impressive 14% on a two year basis. We are
also making good progress in our Vet Group. Our plans to buy out a
number of Joint Venture vet practices have been carefully executed,
whilst performance in the ongoing estate remains strong. We have
the right foundations in place to accelerate the maturity of our
vet practices in a sustainable way, delivering cashflow benefits to
both Joint Venture Partners and Pets at Home.
At this early stage in the year, and with ongoing uncertainty
across the wider retail sector, we remain cautiously optimistic and
focused on delivering our pet care strategy."
Conference call
A conference call for analysts and investors will be held at
8.30am today. To join the call, please dial +44 (0)330 336 9125 and
use the participant access code 9026449. A recording will be
available at http://investors.petsathome
Strategic Key Performance Indicators
Q1 FY20 Q1 FY19 YoY change
Number of customer transactions (m) 18.0 17.0 5.8%
----------------------------------------- -----------------------
Customer sales(9) from services(10) 35.5% 34.7% 84 bps
----------------------------------------- -----------------------
VIP customer sales(11) (GBPm) 646.6 535.8 20.7%
----------------------------------------- -------- -------- -----------------------
Customer sales(9) per colleague (GBPk) 54.2 49.9 8.6%
----------------------------------------- -------- -------- -----------------------
Number of stores 452 449 3
-----------------------
Number of grooming salons 312 310 2
-----------------------
Number of Joint Venture First Opinion
vet practices 401 449 (48)
----------------------------------------- -------- -------- -----------------------
Number of company managed First Opinion
vet practices 43 19 24
----------------------------------------- -------- -------- -----------------------
1. The fee income for practices which we have already bought
out, or intend to buy out in the future, has not been recognised
within Vet Group, and Group, revenue in Q1 FY19 at GBP1.2m, despite
this de-recognition taking place during Q2 FY19
2. Defined as orders placed online at petsathome.com and
in-store using our order-in-store service, plus subscriptions
3. Like-for-like growth comprises total revenue in a financial
period compared to revenue achieved in a prior period, for stores,
omnichannel operations, grooming salons, vet practices and referral
centres that have been trading for 52 weeks or more
4. The fee income for practices which we have already bought
out, or intend to buy out in the future, has not been recognised in
either Q1 FY20 or Q1 FY19 like-for-like revenue
5. The impact of IFRS16 is expected to reduce Group underlying
profit before tax by cGBP3-4m in H1 FY20, and cGBP6-7m in FY20
6. Current consensus estimates for FY20 Group underlying profit
before tax have a mean of GBP85m,with a range between GBP79m and
GBP90m
7. Refers to financial guidance as disclosed during FY19
preliminary results on 22 May 2019, which was provided on a pre
IFRS16 basis
8. Defined as customers signed up to a Vet Group health plan,
omnichannel subscription platforms Easy Repeat and Subscribe &
Save, or Bubble Bundle
9. Includes gross customer sales made by JV vet practices,
rather than fee income recognised within Vet Group revenue
10. Defined as gross customer sales made by JV vet practices,
revenue from our Specialist Referral centres and company managed
vet practices, grooming services, subscriptions, pet sales and pet
insurance commissions
11. VIP customer sales are shown on a rolling 12 month basis rather than a year-to-date basis
Investor Relations Enquiries
Pets at Home Group Plc:
Amie Gramlick, Director of Investor Relations & Corporate
Affairs
+44 (0)161 486 6688
Media Enquiries
Pets at Home Group Plc:
Gillian Hammond, Head of Media & Public Affairs
+44 (0)161 486 6688
Maitland/AMO:
Clinton Manning, Joanna Davidson
+44 (0)20 7379 5151
About Pets at Home
Pets at Home Group Plc is the UK's leading pet care business;
our commitment is to make sure pets and their owners get the very
best advice, products and care. Pet products are available online
or from our 452 stores, many of which also have vet practices and
grooming salons. Pets at Home also operates a UK leading small
animal veterinary business, with 444 First Opinion practices
located both in our stores and in standalone locations, as well as
four Specialist Referral centres. For more information visit:
http://investors.petsathome.com/
Disclaimer
This trading statement does not constitute an invitation to
underwrite, subscribe for, or otherwise acquire or dispose of any
Pets at Home Group Plc shares or other securities nor should it
form the basis of or be relied on in connection with any contract
or commitment whatsoever. It does not constitute a recommendation
regarding any securities. Past performance, including the price at
which the Company's securities have been bought or sold in the
past, is no guide to future performance and persons needing advice
should consult an independent financial adviser.
Certain statements in this trading statement constitute
forward-looking statements. Any statement in this document that is
not a statement of historical fact including, without limitation,
those regarding the Company's future plans and expectations,
operations, financial performance, financial condition and business
is a forward-looking statement. Such forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially. These risks and uncertainties include, among
other factors, changing economic, financial, business or other
market conditions. These and other factors could adversely affect
the outcome and financial effects of the plans and events described
in this statement. As a result you are cautioned not to place
reliance on such forward-looking statements. Nothing in this
statement should be construed as a profit forecast.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTSSSFMFFUSEIA
(END) Dow Jones Newswires
August 02, 2019 02:00 ET (06:00 GMT)
Pets At Home (LSE:PETS)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Pets At Home (LSE:PETS)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
