Pets at Home Group PLC (LON:PETS) posted higher quarterly sales and confirmed full-year guidance as its share of the retail pet market continued to grow.
Like-for-like sales grew 7.2% in the 12 weeks to 2 January with retail and the vet hospitals section up by 7% and 8.9% respectively.
READ: Pets at Home shares let off the leash as it predicts full-year profits at top end of expectations
Vet Group fee income rose 5.6%. This is a joint venture formed in 2013 when Pets at Home acquired Vets4Pets and merged it with Companion Care.
“Against a backdrop of unprecedented consumer volatility, our continued momentum leaves us very much on track with our plans for the year,” said chief executive Peter Pritchard.
Retail had a record-breaking quarter, he added, that included 6,023 dogs groomed in one of its biggest ever online and offline trading days.
Nine new format pet care centres were also launched during the quarter.
Analysts at Liberum upped their target price to 330p from 300p as the ongoing turnaround is "showing no signs of a slowdown".
Shares rose 1% to 290.36p on Wednesday morning.
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