Pets at Home Group (PETS ) said it has raised its full-year profit outlook following ‘accelerated momentum’ across all channels during 3Q21 as the group remained an “essential” retailer.
The UK’s leading pet care business reflected on 1H21 results released in November 2020 which it said highlighted the resilience of its pet care model and the pet care market.
It said its performance was reflected in strong sales momentum across its Retail and Veterinary operations during Q2 despite ‘an extremely challenging external environment.’
Today, the group said momentum has accelerated across all channels in its third quarter, as it highlighted particular sales growth of its "high-teens" Group LFL in December 2020.
Despite new COVID-related national restrictions, the group remains an "essential" retailer. The group said measures across its stores, veterinary practices and online operations are ensuring it remains ‘in a strong position’ to meet all of its customers' pet care needs.
Shares in Pets at Home Group have increased by over 20% in the past two weeks alone to open 8.96% higher this morning at 454.8p following the positive announcement.
Based on the year to date and assuming no change to its "essential" designation or the recently issued guidance from the Royal College of Veterinary Surgeons, PETS anticipates full-year underlying pre-tax profit, including the previously announced repayment of business rates relief of £28.9m, to be at least £77m ahead of previous guidance.
The group said ‘robust balance sheet and liquidity position’ has been strengthened through £80m in initial cash proceeds for the completion of the disposal of its Specialist Group.
The group said it expects to provide further detail on Q3 trading and customer metrics during its final quarter.
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