Pets at Home upgrades FY profit guidance after strong December sales

(Sharecast News) - Pets at Home upgraded its full-year profit guidance on Friday following strong sales growth in December.
The pet care business said that assuming it remains classed as an "essential" retailer during lockdown, it now expects full-year underlying pre-tax profit to be at least £77m, ahead of its previous guidance, and including the previously-announced £28.9m repayment of business rates relief.

The company said that since its first-half results on 24 November, momentum has accelerated across all channels during the third quarter, with "high-teens" group like-for-like sales growth last month.

Pets said its "robust" balance sheet and liquidity position was strengthened further at the end of 2020 through £80m in initial cash proceeds relating to the completion of the disposal of its Specialist Group business.