TIDMPETS
RNS Number : 3322N
Pets At Home Group Plc
08 August 2017
Pets at Home Group Plc: Q1 FY18 Trading Statement
Pets at Home Group Plc, the UK's leading pet business, today
announces a scheduled trading update for the 16 week period from
31st March to 20th July 2017, compared with the 16 week period from
1(st) April to 21(st) July 2016.
Financial summary
-- Group revenue growth of 5.0% to GBP256.5m
o Merchandise revenue growth of 2.8% to GBP216.4m
o Services revenue up 18.8% to GBP40.1m, including Joint Venture
vet practice income up 19.7% to GBP16.2m
-- Group like-for-like revenue growth of 2.7% reflecting strong
growth in first opinion and specialist referral vet services, and a
continuation of positive momentum in Merchandise trading
o Merchandise like-for-like revenue growth 1.5%
o Services like-for-like revenue growth 10.5%
-- Merchandise price investment and operational cost savings
tracking in line with plan. Profit outlook for FY18 in line with
our expectations
Operational summary
-- Good progress with Merchandise initiatives
o Everyday lower price repositioning continues with the addition
of another major Advanced Nutrition dog food brand, James
Wellbeloved. This follows the positive customer response to price
changes earlier in the year across veterinary diets, private label
dog Advanced Nutrition, pet essentials and Hills Science Plan
o Strong omnichannel revenue growth of 80%. Around 60% of
omnichannel revenues now involve colleague assistance or the use of
a Pets at Home store, through our Click & Collect,
Order-In-Store and subscription services
o Launched a second product on our licensed medicine 'Subscribe
and Save' service with Frontline Plus
-- Vet Group continues to demonstrate good momentum across the business
o Growth supported by excellent performance from specialist
referral centres
o Successful TV campaigns and promotion of our 'Best Start in
Life' care plan driving high new client registrations for first
opinion practices
-- Opened 5 Pets at Home superstores, 2 Vets4Pets practices and
6 Groom Room salons. On track to deliver full year opening targets
of around 10 superstores, 40-50 vet practices and 40-50 grooming
salons
Ian Kellett, Group Chief Executive Officer, commented:
"We are pleased with our positive start to the year, delivered
through another period of strong growth in our Vet Group and
further momentum in Merchandise trading.
We have continued our everyday lower price repositioning and
reduced the reliance on short term promotional discounts. We remain
encouraged by the overall response to our pricing changes and by
the number of both new customers and those we have welcomed
back.
We have also strengthened our omnichannel capabilities
substantially, with subscription services, Order-In-Store and Click
& Collect performing particularly well. This underlines the
importance of our store environment where customers benefit from
products, services and colleague advice.
Whilst it is still early in the year, the financial outlook is
in line with our expectations. We are confident the investments we
are making to grow our veterinary business and to reposition our
pricing and deliver everyday value for our customers are creating a
strong platform for sustainable future growth."
Conference call
A conference call for analysts and investors will be held at
8.30am today. To join the call, please dial +44 20 3059 8125 and
quote 'Pets at Home'. A recording will be available for seven days
on + 44 121 260 4861 (passcode: 6791350#) and at
http://investors.petsathome
Financial calendar
Pets at Home will host an investor and analyst day on 21(st)
September 2017.
FY18 Interims will be announced on 28(th) November 2017.
Key Performance Indicators
ROLLOUT Q1 FY18 Q1 FY17 FY17
Stores Number of stores(1) 447 431 442
New stores(1) 5 4 15
Vets Number of vet practices (total) 440 391 438
Of which in-store vet practices 291 253 289
Of which standalone vet practices 149 138 149
New vet practices (total) 2 3 50
Groomers Number of groomers(1) 296 246 290
New groomers 6 6 50
% of stores with a vet practice & grooming salon 54% 46% 54%
VIP CLUB Q1 FY18 Q1 FY17 FY17
VIP club active members (m) (2) 3.7 3.5 3.7
VIP swipe as % revenue(3) 69% 65% 68%
FINANCIALS Q1 FY18 Q1 FY17 Change
Revenue Revenue Split (GBPm)
Merchandise(4) 216.4 210.5 2.8%
Services & other(5) 40.1 33.7 18.8%
Total Group 256.5 244.2 5.0%
Like-for-like growth(6) 2.7% 2.7%
Merchandise like-for-like growth 1.5% 2.2%
Services like-for-like growth 10.5% 7.5%
Revenue Mix (% of total revenues)
Merchandise 84.4% 86.2% (181) bps
Services & other 15.6% 13.8% 181 bps
1 Includes Barkers and Whiskers 'n Paws by Pets at Home
2 Active defined as customers who have purchased during the past
twelve months
3 Average swipe rate of the card at store tills over latest
quarterly period
4 Includes Food and Accessories revenue from store and online
operations
5 Includes veterinary Joint Venture fees & other veterinary
income, specialist referrals revenue, grooming salon revenue,
revenue from live pet sales & insurance
6 'Like-for-Like' sales growth comprises total revenue in a
financial period compared to revenue achieved in a prior period,
for stores, online operations, grooming salons, vet practices &
referral centres that have been trading for 52 weeks or more
Investor Relations Enquiries
Pets at Home Group Plc: +44 (0)161 486 6688
Amie Gramlick, Director of Investor Relations
Media Enquiries
Pets at Home Group Plc: +44 (0)161 486 6688
Brian Hudspith, Director of Corporate Affairs
Maitland: +44 (0)20 7379 5151
Rebecca Mitchell, Tom Eckersley
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 439 superstores located across the UK. The Group operates the
UK's largest small animal veterinary business with 440 practices,
run principally under a Joint Venture model using the Vets4Pets and
Companion Care brand names, and four veterinary specialist referral
centres. Pets at Home is the UK's leading operator of pet grooming
services offered through its 296 grooming salons. The Group also
operates seven specialist High Street based dog stores, called
Barkers. For more information visit:
http://investors.petsathome.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTSSMFMWFWSEEA
(END) Dow Jones Newswires
August 08, 2017 02:00 ET (06:00 GMT)
Pets At Home (LSE:PETS)
Historical Stock Chart
From Apr 2024 to May 2024
Pets At Home (LSE:PETS)
Historical Stock Chart
From May 2023 to May 2024