Pets at Home hits £1bn retail revenue for the first time

Pets at Home saw retail revenue surge by 8.7 per cent to £1 billion last year.

The company, deemed an essential retailer, saw total group revenue jump 7.9 per cent to £1.14 billion.

Pets at Home said that it anticipates group underlying pre-tax profits of between £120 million and £130 million.

“We ended this unprecedented year a far stronger pet care business,” said Peter Pritchard, group chief executive. “Despite challenges to how we were able to do business, we grew our market share across all channels and our underlying growth trajectory accelerated.”

Pritchard added: “Covid-19 has structurally changed the dynamics of the pet care market. We estimate that the rising level of pet ownership, combined with structural demand drivers such as premiumisation and humanisation, has increased the outlook for growth across our addressable market, and in conjunction with our expectations of continuing to take market share, provides a tailwind to the £600 million customer revenue opportunity we see across our business over the medium term.”

The retailer said it would capitalise on the growth opportunity by continuing to invest in its infrastructure and further digitising the business.

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