Some of Britain’s biggest High Street names might be going to the dogs, but Pets at Home is flourishing as dog owners flock to its stores.
The pets specialist enjoyed a 10.2% leap in sales to £346.2 million in the half year to October. Some of that was due to expansion: Pets at Home opened 10 branches, plus 26 vet practices and 23 Groom Rooms for pooch pedicures and fur trims.
But even ignoring those new stores, like-for-like sales were up 4.2% as cat, fish and dog owners spent more on indulging their animals.
Owners splashed out on pricier pet food, and more “hygiene” products for their animals, Pets at Home said, but its tills really bulged with spending on services. Revenues for vet bills, plus microchipping, and “bath and blow-dry” salon treatments jumped 27% to £33.2 million.
Pets at Home has 303 vet clinics but wants that to have 700 long term. Chief executive Nick Wood, owner of two dogs and Snuggles the hamster, barked: “This positive momentum across the business gives us further confidence in our ability to deliver on our expectations for the full financial year.”
Still, while the shares rose 2.5%, or 4.3p, to 176.3p, they are still well below their float price: when Pets at Home listed on the London Stock Exchange in March, institutions, staff and retail investors paid 245p.
