Britain’s Pets At Home gains market share as owners pamper their furry friends

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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

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May 25 (Reuters) – Customers of Pets At Home (PETSP.L) continue to spend more on their four-legged friends despite Britain’s worsening cost of living crisis as the retailer gains market share by making pet care more affordable, he said Wednesday.

Britain’s biggest pet supplies retailer, which has more than 450 stores, reported underlying pre-tax profit of 144.7 million pounds ($181.34 million) for the financial year ended 31 March, above the analyst consensus of 141 million pounds.

Pets At Home, founded by British businessman Anthony Preston in 1991, also expects full-year 2023 profits to be in line with market expectations.

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Successive shutdowns and work-from-home policies have led to an increase in the adoption and purchase of pets, helping businesses that operate in the animal care market to emerge among the few winners during the pandemic. .

“The pet care market remains robust and growing, with enrollments in our Puppy & Kitten club continuing well ahead of pre-pandemic levels and customer spending growth maintained across all categories and channels,” Pets At Home said in a statement.

Nestlé (NESN.S) food group CEO Mark Schneider said last month that pet food was “hot” right now, with the company announcing a 7.7% price increase in its pet foods. pet products. Read more

Pet food, like baby food, seems relatively insensitive to higher prices, as it is purchased for loved but very difficult dependents and does not represent a large proportion of the household budget.(https://reut.rs/3MMv7vc)

Pets At Home said it had clear plans in place to keep its prices competitive for customers, while reducing its own costs, as it warned of rising inflation like many other retailers. However, the company said it was well placed to handle them.

Shares in the London-listed company rose 5.6% to 296.6 pence, at 07:04 GMT.

($1 = 0.7980 pounds)

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Reporting by Shanima A in Bengaluru; Editing by Subhranshu Sahu

Our standards: The Thomson Reuters Trust Principles.

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