TIDMPETS
RNS Number : 1341I
Pets At Home Group Plc
03 August 2023
FOR IMMEDIATE RELEASE, 03 AUGUST 2023
Pets at Home Group Plc: Q1 FY24 Trading Statement
for the 16 week period to 20 July 2023
Strong sales momentum and further strategic progress
Financial Highlights
-- Consumer revenue(1) up 10.2% to GBP568.2m supported by both volume
and value growth.
-- Consumer numbers continued to grow with our active VIP base increasing
4% to 7.7m, with over 22,000 new Puppy & Kitten sign ups and 18,000
new pet registrations a week in our Vet Group.
-- Total Group revenue growth of 7.9% to GBP436.8m, with Group like-for-like(2)
(LFL) revenue up 7.9%.
-- Vet Group revenue was up 16.3%, with LFL(2) of 16.6%, increasingly
supported by number of visits (as we increased vet capacity),
improving mix and continued growth in average spend.
-- Retail revenue growth of 7.1%, and LFL(2) up 7.1%. Our food category
remains in volume growth across grocery and premium categories
supported by further progress in our relative price position.
Accessories trends were consistent with previous quarters, as
expected.
Business Highlights
-- Opened 2 new pet care centres with in-store JV vets, both under
our new integrated brand, and completed 9 refits, including our
Leeds Birstall centre, with a significant extension of an existing
vet hospital, providing 24-hour patient care, additional services
and consult rooms, and training facilties.
-- Continued progress in the development of our digital platform,
remaining on track for cut over of our consumer app and website
later this year, a key foundation for growth in the years ahead.
-- We also launched nutrition subscription capability in-store resulting
in accelerated Easy Repeat sign ups. We also relaunched our care
plans in the quarter which have seen strong consumer uptake.
-- As part of our food strategy, we continued the rollout of new freezer
space across the estate, alongside the introduction of new ranges,
resulting in good sales uplift in our frozen category.
-- Encouraging activity within vet recruitment and retention with
turnover down 7% YoY, the impacts of which are already being seen
in our revenue growth. We have doubled the number of graduate places
on offer and have filled over two thirds to date, and our JV partner
pipeline is in very strong shape
-- Good progress in our sustainability agenda. We now have fed over
1.5m pets through our foodbank partnership with Blue Cross, launched
a sustainable anaesthetic programme, and raised GBP1.5m for charities
in the quarter. We are also pleased to be included in the FTSE4Good
Index.
Current trading and outlook
-- We make no change to guidance for FY24 and remain comfortable with
current analyst expectations for Group underlying PBT*, noting
that our H1 profits will carry additional costs to ramp up the
new DC (GBP6m) and the cost of our brand relaunch (GBP2m), both
in line with our plan.
-- In addition, in line with our strategy to integrate our business,
we made the decision to consolidate our vet and retail support
offices. This move will result in a GBP3m one-off transition cost
in the year.
-- Our balance sheet remains robust and we are progressing our GBP50m
share buyback programme.
(*Consensus currently GBP136.8m, with a range of GBP132m to
GBP142m.)
Lyssa McGowan, Chief Executive Officer, commented:
Our performance in the first quarter has been encouraging. The
quality of our growth has remained strong as we grew transaction
volumes and continued to acquire new consumers at an impressive
rate, as our compelling value, range and service continues to
resonate with consumers.
It has also been a quarter of steady delivery against our
strategic plan we set out in May. We have expanded and enhanced our
physical estate, made good progress in the development of our
digital platform, and continued the transition to our new
distribution facility, as we execute on our ambition to build the
world's best pet care platform.
1. Consumer revenue includes total revenue across the Group
including consumer sales made by Joint Venture vet practices, and
therefore differs to the fee income recognised within Vet Group
statutory revenue.
2. Like-for-like revenue comprises total revenue in a financial
period compared to revenue achieved in a prior period, for stores,
omnichannel operations, grooming salons, and vet practices that
have been trading for 52 weeks or more.
Our next scheduled update will be our FY24 interim results
announcement on 28 November 2023.
Investor Relations Enquiries
Pets at Home Group Plc:
Andrew Porteous, Director of Investor
Relations +44 (0) 7740 361 849
Chris Ridgway, Head of Investor
Relations +44 (0) 7788 783 925
Media Enquiries
Pets at Home Group Plc:
Natalie Cullington, Head of Communications +44 (0) 7974 594 701
Citigate Dewe Rogerson:
Lorna Cobbett +44 (0) 7771 344 781
Angharad Couch +44 (0) 7507 643 004
About Pets at Home
Pets at Home Group Plc is the UK's leading pet care business,
providing pets and their owners with the very best advice, products
and care. Pet products are available online or from our 458 stores,
many of which also have vet practices and grooming salons. The
Group also operates a leading small animal veterinary business,
with 445 veterinary General Practices located both in our stores
and in standalone locations. 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.
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END
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