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Pets at Home posts +18% Q3 revenue

Pets at Home has reported a 18% jump in revenue for the third quarter of 2020.

Revenue surged to £302m whilst like-for-like sales seeing a 17.6% over the the 12 week period from 9 October to 31 December 2020

Based on trading year to date, the group expects full-year underlying pre-tax profits of £77m.

Members of the VIP and Puppy and Kitten Clubs grew by 47%, with members spending around 25% more than non members.

Peter Pritchard, Pets at Home CEO, said: “Against a backdrop of continued uncertainty our pet care model remains robust, with our performance during the third quarter testament not only to the advantages of our scalable omnichannel pet care platform and unique joint venture veterinary model, but also the hard work and commitment of all our colleagues across the Group, to whom I express sincere thanks.

“We entered our final quarter facing renewed challenges in the form of higher COVID infection rates and restrictions on a national level, and our priority remains the health, safety and wellbeing of all of our colleagues, partners and customers.

I am very pleased with the progress we have made in this quarter, in particular how we have adapted to the changing environment in which we operate. We remain as determined as ever to create the best pet care platform in the world, and our strong liquidity gives us the capacity to make the right investments to support our ambition”.

Pets at Home shares are trading +1.58% at 409,58 (1002GMT).

Ross Hindle, retail sector analyst at Third Bridge, commented on the strong Q3 results: “Pets at Home is continuing to benefit from a rise in pet ownership during the pandemic and a growing trend of pet food premiumisation. Growth in high margin pet food has flowed through into pet accessories, as consumers look to humanize and spoil their new 4-legged friends.”

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