Britain’s Pets At Home first-quarter revenue rises on sustained demand – Reuters


A pet groomer tends to a dog at The Groom Room, at pets at home in Milton Keynes, following the outbreak of the coronavirus disease (COVID-19), Milton Keynes, Britain, June 8, 2020. REUTERS/Andrew Boyers/File Photo

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Aug 5 (Reuters) – Pets At Home Plc (PETSP. L) posted a 7. 1% rise in first-quarter revenue on Friday and maintained its full-year profit outlook, as UK’s largest pet supplies retailer saw sustained demand across its businesses both online and offline.

Pets At Home, founded by British businessman Anthony Preston in 1991, saw record profits when work-from-home lifestyle and lockdowns spurred pet adoption need in Britain.

Moreover, pet food, like baby food, appears relatively unresponsive to higher prices, because it is bought for loved but very fussy dependants and does not represent a big proportion of household budgets.

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The company, which also offers grooming and veterinary services, said its revenue rose to 404. 7 million pounds ($491. 47 million) in the 16-week period to July 21.

Like-for-like sales rose 6%.

The London-listed firm expects full-year underlying pre-tax profit to be in line with analysts’ consensus, which is currently 131 million pounds, with a range of 127 million lbs to 136 million pounds.

($1 = 0. 8235 pounds)

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Reporting by Eva Mathews in Bengaluru; Editing by Sherry Jacob-Phillips and Rashmi Aich

Our Standards: The Thomson Reuters Trust Principles.

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