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LONDON (Alliance News) - Pets At Home Group PLC on Wednesday said its profit fell sharply in its most recently ended financial year, while revenue increased on higher demand for dog food and toys.
The pet supplies retailer reported pretax profit of GBP49.6 million for the 52 weeks to March 28 compared to GBP79.6 million reported for the same period a year earlier, despite revenue climbing by 6.9% to GBP961.0 million from GBP898.9 million. On a like-for-like basis, revenue grew by 5.7%.
Hurting pretax profit in the recent financial year, Pets At Home recorded GBP22.5 million in costs associated with the purchase of joint venture veterinary practices, with no such expenses reported the year before. In addition, administrative expenses rose to GBP79.0 million from GBP66.3 million the year prior.
On a divisional basis, revenue in the Retail segment rose by 6.2% during the year to GBP854.6 million, including omni-channel revenue growth of 43% to GBP73.5 million.
The Food unit revenue grew by 7.9% to GBP455.4 million, reflecting good performance in dog advanced nutrition and other premium food lines, as well as dog treats.
In the Accessories division, revenue increased by 3.9% to GBP357.0 million, where ranges in discretionary categories such as dog collars & leads, dog toys, and travel & training proved particularly popular.
Looking forward, the company said it expects to see revenue growth in its current financial year, as it continues to improve customer offer and take share.
New openings will include up to five new stores, grooming salons and vet practices, Pets At Home noted.
"We are trading strongly and taking share across the pet market. Customers are loving our lower prices, the convenience of subscription packages, high quality veterinary care and pet healthplans," explained Chief Executive Peter Pritchard.
Pets At Home shares were trading 11% higher on Wednesday morning at 164.00 pence each.
