TIDMPETS
RNS Number : 5059A
Pets At Home Group Plc
22 January 2020
FOR IMMEDIATE RELEASE, 22 JANUARY 2020
Pets at Home Group Plc: Q3 FY20 Trading Statement
Strong growth in LFL revenue; on track with our plans for
FY20
Pets at Home Group Plc, the UK's leading pet care business,
today announces a scheduled trading update for the 12 week period
from 11 October 2019 to 2 January 2020, compared with the 12 week
period from 12 October 2018 to 3 January 2019.
Financial summary
-- Group total revenue growth of 7.9% to GBP255.9m
o Retail revenue up 7.2%, with omnichannel(1) revenue up
23.4%
o Vet Group revenue up 14.4%. First Opinion customer sales
across all vet practices grew 8.6%, with mature practices growing
ahead of the market
-- Group like-for-like(2) revenue growth of 7.2%
o Retail like-for-like revenue growth of 7.0%, or 12% on a
2-year basis
o Vet Group like-for-like revenue growth of 8.9%, with
like-for-like Joint Venture fee income up 5.6%, reflecting the
impact of planned adjustments made to fee arrangements for ongoing
Joint Venture practices
-- On track with our plans for FY20; financial guidance unchanged(3)
o Expectations for Group underlying PBT, before the impact of
IFRS16(4) , remain in line with current market consensus(5)
o Guidance reflects full year impact of Joint Venture fee
adjustments, certain pre-openings costs relating to our Specialist
Referral division and ongoing investment in new customer
acquisition
Strategic highlights
-- UK pet care market remains resilient and we continue to take
share across both the retail and vet segments, underlining the
strength of our complete pet care strategy
-- Ongoing investment in our pet care ecosystem is generating
continued momentum across key indicators:
o Number of VIPs who purchased products and a service has grown
24% year-on-year
o Number of subscription customers(6) across the Group is now
over 850,000
o We are attracting and retaining even more of the UKs pet
lovers, building long-term relationships with over 5.3m VIP
members
-- Record-breaking performance in Retail, including our biggest
ever online and offline trading days and grooming 6,023 dogs in a
single day, whilst we also launched a further 9 new format pet care
centres during the quarter
-- In the Vet Group, underlying performance of Joint Venture
First Opinion practices across a range of financial metrics
continues to improve, whilst our expansion plans at both Dick White
Referrals and our new Specialist Referral centre in Scotland remain
on track
Peter Pritchard, Group Chief Executive Officer, commented:
"Our sales performance in the quarter proves once again that by
offering convenient and affordable pet care to customers, we can
further strengthen our market leading position. Against a backdrop
of unprecedented consumer volatility, our continued momentum leaves
us very much on track with our plans for the year."
Conference call
A conference call for analysts and investors will be held at 9am
today. To join the call, please dial +44 (0)330 336 9514 and use
the participant access code 5151666. A recording will be available
at http://investors.petsathome
Strategic Key Performance Indicators
Q3 FY20 Q3 FY19 YoY change
Number of customer transactions
(m) 48.4 45.7 5.8%
--------------------------------------- ----------------------
Customer sales(7) from services(8) 35.4% 33.9% 153 bps
--------------------------------------- ----------------------
VIP customer sales(7,9) (GBPm) 764.3 597.9 27.8%
--------------------------------------- -------- -------- ----------------------
Customer sales(7) per colleague
(GBPk) 153.0 133.9 14.2%
--------------------------------------- -------- -------- ----------------------
Number of stores 453 451 2
----------------------
Number of grooming salons 316 314 2
----------------------
Number of Joint Venture First Opinion
vet practices 396 455 (59)
--------------------------------------- -------- -------- ----------------------
Number of company managed First
Opinion vet practices 44 20 24
--------------------------------------- -------- -------- ----------------------
1. Defined as orders placed online at petsathome.com and
in-store using our order-in-store service, plus subscriptions to
monthly flea & worm treatments via the 'Subscribe & Save'
platform
2. 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
3. Refers to financial guidance as disclosed during FY20 interim
results on 26 November 2019, which was provided on a pre IFRS16
basis
4. The impact of IFRS16 is expected to reduce Group underlying
profit before tax by cGBP6-7m in FY20
5. Current company compiled analyst estimates for FY20 Group
underlying profit before tax have a mean of GBP93m, with a range
between GBP87m and GBP101m
6. Defined as customers signed up to a Vet Group health plan,
omnichannel subscription platforms Easy Repeat and Subscribe &
Save, or Bubble Bundle
7. Includes gross customer sales made by JV vet practices,
rather than fee income recognised within Vet Group revenue
8. 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
9. 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:
Roger Tejwani, Director of Investor Relations & External
Communications
+44 (0)161 486 6688
Jonny Armstrong, Head of Investor Relations
+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 453 stores, many of which also have vet practices and
grooming salons. Pets at Home also operates a UK leading small
animal veterinary business, with 440 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.
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END
TSTSEMFWFESSEEF
(END) Dow Jones Newswires
January 22, 2020 02:00 ET (07:00 GMT)
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