Britain’s largest pet supply retailer earned 15% more in the last 12 months but expects less profit due to inflationary pressures and freight costs.
The group reported revenue of £1.3 billion ($1.63B / €1.53B) in the year, which ended on 31 March 2022. Total retailing operations accounted for £1.2 billion ($1.41B / €1.51B) against £1.14 billion ($1.43B / €1.34B) in 2021.
“Despite another period characterized by significant and evolving external challenges, our performance this year has been noteworthy, delivering record sales, profit, and cash flow”, said CEO Peter Pritchard, who is leaving the company after 4 years at the post.
Offline still represents the biggest revenue – with £984M ($1.23B / €1.15B) -with the omnichannel channel increasing by 18.4% against last year to £190.9M ($238.7M / €223.5M).
Pritchard believes that the company is “well placed” to accelerate growth and market share due to the “robust backdrop” of the UK pet care market. Pets at Home now has 24% of the UK pet care market, representing £6.7 billion ($8.4B / €7.8B) and a market growth of 8%.
Pets at Home is now confident in accelerating its growth in the market share, alongside new CEO Lyssa McGowan.
However, it anticipates a 2023 underlying pre-tax profit of £131 million ($164M / €153M), below the market expectations of £151 million ($189M / €177M).