(Alliance News) - Pets At Home Group PLC on Friday said momentum accelerated across all channels in its third financial quarter and it now expects annual underlying pretax profit to exceed previous guidance.
Shares in the animal products retailer were up 9.5% at 457.40 pence in London in morning trading, making it the best performer in the FTSE 250.
After "strong sales momentum" within its Retail and Veterinary operations in the second quarter, momentum accelerated in the third among all channels. In December alone, like-for-like revenue grew in the "high-teens".
Promisingly, the company now expects annual pretax profit to be GBP77 million, including the previously announced repayment of GBP28.9 million business rates relief. This was ahead of its previous guidance of GBP93.2 million including business rates relief.
This guidance is based on trading year-to-date and assumes no change to the firm's designation as "essential", allowing it to remain open during the current lockdown in England. Pets At Home also is relying on recent guidance from the Royal College of Veterinary Surgeons, which issued a joint statement with the British Veterinary Association on Monday confirming that veterinary professionals would not be reverting to emergency-only work as they had in the first nationwide UK lockdown.
"While renewed Covid-related restrictions on a national level may constrain trade, we remain an 'essential' retailer, and the measures we continue to take across our stores, veterinary practices and online operations are ensuring we remain in a strong position to meet all of our customers' pet care needs," said Pets at Home.
The firm will provide more information on its third-quarter trading and customer metrics during its final financial quarter.
By Anna Farley; annafarley@alliancenews.com
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Pets at home (PETS)