Pets at Home increase profit expectations
By Matt Hall | 24th September 2020
Pet supplies retailer Pets at Home has said it expects annual sales to meet market predictions, despite the risk of further coronavirus restrictions.
The business with 453 stores and 316 grooming salons across the UK has revealed an uplift in sales since the lifting of lockdown, with double digit like-for-like sales growth in the eight weeks to September 10.
Pets at Home now expects full year pre-tax profits to be ahead of market predictions of £73million.
A statement read: "This is testament to several factors, not least the inherent resilience in our pet care model and the underlying pet care market.
"Although Covid-19 continues to create a number of material uncertainties around the trading environment, including the risk of a second lockdown, based on trading year to date, and as a consequence of the sustained strength in performance we have seen, we now expect full-year underlying pre-tax profit to be ahead of current market expectations."
Mike Iddon, group CFO said: "Customer sales across the group grew strongly throughout the year, driving underlying profit growth, whilst the impact of coronavirus-related purchases in March provided an additional in- year benefit."
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