Pets at Home maintains full-year outlook as Vet business offsets softer retail
Pets at Home Group PLC shares scampered 3.9% higher to 208.2p after the retailer said it expects to deliver full-year profit in line with current market expectations after a third-quarter performance that met guidance.
Group revenue rose 0.8% to £472 million in the 12 weeks to 1 January 2026, supported by a 5.0% rise in veterinary sales.
Retail revenue declined 1.1%, with sales volume growing across pet food and accessories, but prices cut. Online was the fastest-growing channel.
Statutory revenue fell 1% to £358 million, with like-for-like revenue down 0.7%.
Retail transactions were broadly flat, which the company said provides a better indication of customer activity than Pet Club membership, which declined 6.9%. It was said that this was due to a change in methodology.
Ian Burke, interim executive chair since CEO Lyssa McGowan left in September following a second profit warning of the year, said it was a "solid" Q3 performance, enabling the group to achieve an underlying PBT outcome in line with the City consensus.
Analysts are currently forecasting underlying PBT in a range of £90-97 million, with a consensus at roughly £93 million.
Burke added: “With a new CEO and CFO joining in spring, our focus for the remainder of the year is on building momentum behind our four turnaround plan priorities of price, product, cost and execution.”
James Bailey, former Waitrose managing director, was appointed just before Christmas, and takes over as chief executive in March.