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(Alliance News) - Shares rose in Pets at Home Group PLC on Thursday, as it reported continued sales momentum across the second quarter of its financial year, leading to confidence in annual profit being ahead of market expectations.
Shares in the pet products retailer were up 15% at 351.40 pence on Thursday in London.
At the end of July, Pets at Home said sales momentum had returned to all areas of its business in the last eight weeks of the first quarter ended July 16, as customer shipping habits returned to normal and services were reinstated.
This momentum has remained within the group's Retail and Veterinary operations during the second quarter to date, with double digit like-for-like sales growth in the eight weeks ended September 10.
Despite Covid-19-related uncertainties, including the risk of a second national lockdown, Pet at Home expects underlying pretax profit for the year ending late March 2021 to be ahead of market expectations.
As at Wednesday, Pets at Home's compiled consensus expectations for underlying pretax profit post-IFRS 16 was GBP73 million. In financial 2020, underlying pretax profit pre-IFRS 16 was GBP99.5 million. IFRS 16 is an accounting rule for the financial treatment of leases.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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