(Reuters) – British pet supplies retailer Pets at Home Group Plc (PETSP.L)said on Friday it expects full-year underlying profit to be slightly abovecurrent market expectations on higher demand for pet food and vet services.
The company reported a 9.9% rise in revenue during the 16-weeks ended July 18,with retail revenue rising 8.7%.
“Good transaction and cash growth in Retail, particularly in food andomnichannel where strong growth has more than offset adverse margin mix,” thecompany said.
Sales at its vet business rose 18.8% to 37 million pounds.
Pets at Home said underlying performance at its vet business was in line withits plans and the financial impact of buying out a number of joint venture vetpractices was “comfortably within expectations.”
The company warned in November that a shortage of specialists in the UK hadhampered growth, prompting it to consider shutting dozens of veterinarypractices.
Pets at Home said current consensus estimates for fiscal 2020 underlyingpretax profit have an average of 85 million pounds, with a range between 79million pounds and 90 million pounds.
“At this early stage in the year, and with ongoing uncertainty across thewider retail sector, we remain cautiously optimistic and focused on deliveringour pet care strategy,” Chief Executive Officer Peter Pritchard said in astatement.
Previous Assassin snails
Next Police department allows drivers to pay off parking tickets with animalshelter donations