Last checked at 21 Apr 2015 07:00
FOR IMMEDIATE RELEASE, 21 APRIL 2015
Pets at Home Group Plc: FY15 Trading Statement
Delivering on expectations for the financial year 2015
Pets at Home Group Plc, the UK's leading specialist retailer of pet food, accessories and services, today announces a FY15 trading update for the 52 week period to 26th March 2015.
FY15 financial summary
· Like-for-like revenue growth of 4.2% driven by strength in Advanced Nutrition, Health & Hygiene, VIP Club, Services and Omni-channel
o Merchandise like-for-like revenue growth of 3.7%
o Services like-for-like revenue growth of 10.7%
· Total revenue growth of 9.6% to £729.1m
o Merchandise revenues up 8.3% to £666.1m, with Food outperforming Accessories
o Services revenues up 25.2% to £63.0m
· Fee income from Joint Venture veterinary practices up 30.7% to £28.2m
· Underlying EBITDA for FY15 expected to be in line with market consensus*
Operational summary
· Rollout during FY15
o 25 gross store openings, bringing the total portfolio to 400
o 61 vet practice openings, of which 32 were retrofits, bringing the total portfolio to 338
o 50 Groom Room openings, of which 26 were retrofits, bringing the total portfolio to 179
· VIP club
o Total members at year end of 3.2m, adding over 270,000 in the Q4 period
o Card swipe rate at store tills represented 65% of revenues in the Q4, compared with 61% during the Q3
Since the year end, we have made our entry into specialist referral veterinary care, acquiring Northwest Surgeons based in Cheshire. Northwest Surgeons will operate as a stand-alone brand and business within our practice network.
Nick Wood, Chief Executive Officer, commented:
"We are delighted to be delivering on expectations in our first year as a publicly listed company. We have seen strength across both merchandise and services, demonstrating the broad range of levers through which we will successfully deliver further profitable business growth."
* Consensus expectations for FY15 underlying EBITDA range between £119.3m and £121.4m, with a mean of £120.6m, excludes IFRS2 share based payments
Key Performance Indicators
ROLLOUT | FY15 |
FY14 | |||
Stores | Number of stores | 4001 | 377 | ||
New stores | 25 | 322 | |||
Vets | Number of vet practices (total) | 338 | 277 | ||
Of which Joint Venture practices | 329 | 267 | |||
Of which wholly owned Group Venture practices | 9 | 10 | |||
Number of standalone vet practices | 127 | 119 | |||
Number of in-store vet practices | 211 | 158 | |||
% of stores with vet | 53% | 42% | |||
New vet practices in period (total) | 61 | 69 | |||
New standalone vet practices | 8 | 22 | |||
New in-store vet practices | 53 | 47 | |||
Of which retrofits | 32 | 18 | |||
Groomers | Number of groomers | 179 | 129 | ||
% of stores with groomer | 44% | 34% | |||
New groomers in period | 50 | 42 | |||
Of which retrofits | 26 | 11 | |||
VIP CLUB | FY15 |
FY14 | |||
VIP club members (m) | 3.2 | 2.0 | |||
VIP swipe as % revenue3 | 65% | 52% | |||
FINANCIALS
Revenue | FY15 |
FY14 | Q4 FY15 | |||||
Revenue Split (£m) | ||||||||
Merchandise revenue4 | 666.1 | 615.1 | 149.6 | |||||
Services & other revenue5 | 63.0 | 50.3 | 15.8 | |||||
Total Group revenue | 729.1 | 665.4 | 165.4 | |||||
| ||||||||
Like-for-like growth6 | 4.2% | 2.4% | 4.5% | |||||
Merchandise like-for-like growth | 3.7% | 2.4% | 4.2% | |||||
Services like-for-like growth | 10.7% | 2.1% | 7.5% | |||||
Revenue Mix (% of total revenues) | ||||||||
Merchandise | 91.4% | 92.4% | 90.5% | |||||
Services & other | 8.6% | 7.6% | 9.5% | |||||
| ||||||||
1 Store portfolio net of 25 new stores, one permanent closure in the period, and one temporary closure of Rugby, which will be relocated in the 1H FY16
2 Includes one new format store, Barkers
3 Average swipe rate over the Q4 period
4 Includes Food and Accessories revenue
5 Includes veterinary Joint Venture fees and other income, Groom Room 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, grooming salons and vets that have been trading for 52 weeks. LfL includes revenue from the Group's online operations
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, Head Of Corporate Affairs
Brunswick (Public Relations Advisors to Pets at Home): +44 (0) 207 404 5959
Nick Cosgrove, Natalia Dyett
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 400 stores located across the UK. The Group operates the UK's largest small animal veterinary business with 338 practices, run principally under a Joint Venture model using the Companion Care and Vets4Pets brand names. Pets at Home is the UK's leading operator of pet grooming services offered through its 179 Groom Room salons. The Group also owns and operates Ride-away, a specialist equine retail business with a York superstore, website and catalogue. For more information visit: http://investors.petsathome.com/