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21 Apr 2016 07:00
Pets at Home Group Plc: FY16 Trading Statement
Positive momentum, delivering on expectations
Pets at Home Group Plc, the UK's leading specialist retailer of pet food, accessories and services, today announces a scheduled FY16 trading update. Unless otherwise stated, this reflects the 53 week period to 31st March 2016.
FY16 financial summary
| 52 weeks to 24th March | growth | 53 weeks to 31st March | growth |
Group like-for-like revenue growth* | 2.2% |
| 2.1% |
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Merchandise like-for-like | 1.5% |
| 1.4% |
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Services like-for-like | 10.4% |
| 10.0% |
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Group revenue | £777.8m | 6.7% | £793.1m | 8.8% |
Merchandise revenue | £696.5m | 4.6% | £710.2m | 6.6% |
Services revenue | £81.3m | 29.2% | £82.9m | 31.7% |
- of which fee income from JV vet practices | £34.5m | 22.3% | £35.1m | 24.4% |
* "52 weeks" represents LFL sales for the 52 week period to 24th March 2016 compared with the 52 week period to 26th March 2015. "53 weeks" represents LFL sales for the 53 week period to 31st March 2016, compared with the 53 week period to 2nd April 2015
FY16 profit
· Full year pre exceptional profit before tax expected to be in line with market expectations. Consensus expectations for PBT range between £93m and £97m
Operational summary
· FY16 store and services openings
o 20 new Pets at Home superstores (net of one closure)
o 6 Barkers stores and 1 Whiskers 'n Paws trial format store
o 50 vet practices and 60 grooming salons
· VIP club
o Total members of 4.5m, adding over 1.3m members during the year
o In-store card swipe rate 64% of revenues in Q4, consistent with Q3
Ian Kellett, Chief Executive Officer, commented:
"With Group like-for-like revenue growth of 3.2% in the final quarter, we are pleased with the continued positive sales momentum in our Merchandise business and have seen excellent performance in both our vet practices and grooming salons. Our highly trained colleagues are fundamental to achieving these results and I would like to extend my thanks for their dedication and support throughout the year."
Key Performance Indicators
ROLLOUT |
| FY16 | FY15 |
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Stores | Number of stores in period1 | 427 | 400 |
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Store openings (net) | 27 | 23 |
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Vets | Number of vet practices | 388 | 338 |
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Number of standalone vet practices | 138 | 127 |
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Number of in-store vet practices | 250 | 211 |
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% of stores with vet | 59% | 53% |
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New vet practices in period | 50 | 61 |
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New standalone vet practices | 11 | 8 |
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New in-store vet practices | 39 | 53 |
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Groomers | Number of groomers1 | 240 | 1802 |
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% of stores with groomer | 56% | 45% |
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New groomers in period1 | 60 | 50 |
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VIP CLUB |
| FY16 | FY15 |
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| VIP club members (m) | 4.5 | 3.2 |
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| VIP swipe as % revenue3 | 64% | 65% |
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FINANCIALS
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| FY16 (52 weeks) | FY16 (53 weeks) | FY15
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Revenue | Revenue Split (£m) |
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Total Group revenue | 777.8 | 793.1 | 729.1 | |||
Merchandise revenue4 | 696.5 | 710.2 | 666.1 | |||
Services & other revenue5 | 81.3 | 82.9 | 63.0 | |||
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Like-for-like growth6 | 2.2% | 2.1% | 4.2% | |||
Merchandise like-for-like growth | 1.5% | 1.4% | 3.7% | |||
Services like-for-like growth | 10.4% | 10.0% | 10.7% | |||
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Revenue Mix (% of total revenues) |
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Merchandise | 89.5% | 89.5% | 91.4% | |||
Services & other | 10.5% | 10.5% | 8.6% | |||
1 Includes Barkers and Whiskers 'n Paws by Pets at Home
2 Re-stated to include an additional grooming salon located In Barkers of Wilmslow
3 Average swipe rate over latest quarterly period
4 Includes Food and Accessories revenue from our store and online operations
5 Includes veterinary Joint Venture fees and other veterinary income, grooming revenue, revenue from live pet sales and insurance commission
6 'Like-for-Like' sales growth comprises total sales/fee revenue in a financial period compared to revenue achieved in a prior period, post cannibalisation, for stores, online operations, grooming salons and vet practices. "52 weeks" represents LFL sales for the 52 week period to 24th March 2016 compared with the 52 week period to 26th March 2015. "53 weeks" represents LFL sales for the 53 week period to 31st March 2016, compared with the 53 week period to 2nd April 2015
Investor Relations Enquiries
Pets at Home Group Plc: | +44 (0)161 486 6688 |
Amie Gramlick, Head Of Investor Relations
Media Enquiries
Pets at Home Group Plc: | +44 (0)161 486 6688 |
Brian Hudspith, Director Of Corporate Affairs
Maitland (Public Relations Advisors to Pets at Home): | +44 (0)20 7379 5151 |
Greg Lawless, Tom Eckersley
About Pets at Home
Pets at Home Group Plc is the UK's leading specialist pet omnichannel retailer and services provider. Pets at Home operates from 420 superstores located across the UK. The Group operates the UK's largest small animal veterinary business with 388 practices, run principally under a Joint Venture model using the Vets4Pets and Companion Care brand names, and two veterinary specialist referral centres. Pets at Home is the UK's leading operator of pet grooming services offered through its 240 grooming salons. The Group also operates 7 specialist High Street based dog stores, called Barkers, as well as Ride-away, an equine retail business with a superstore and website. For more information visit: http://investors.petsathome.com/
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