Pets at Home published details of FY 2023

UK retailer Pets at Home has revealed the numbers of its FY 2023 which ended in March 2023. The company reached a revenue of £1.4 billion ($1.7B/€‎1.6B), an increase of 6.5% compared to FY 2022 with a turnover of £1.3 billion ($1.6B/€1.5B).

While all channels have redounded to the retail sales increase of 5.9%, only the vet business increased by 13.3% £10 million ($12M/€‎11M).

“Our record performance over the past year demonstrates that our compelling pet care offer continues to resonate strongly with consumers,” said Pets at Home CEO Lyssa McGowan.

Pets at Home assumed it accounted for 22% of the total UK pet food market (£3.4 billion ~ $4.2B/€‎3.9B) with sales of £647 million ($800M/€‎749.2M). Profit Before Tax (PBT) decreased by 17.7% £122.5 million ($155.5M/€‎141.1M) which is caused by the sale of some practices and the construction of a new distribution center.

Furthermore, the number of VIP clients rose from 4.4 million in 2019 to 7.7 million to this point in time.

The retailer increased its share in UK pet care market (£7.2 billion ~ $8.9B/€‎8.3B) from 17% in 2017 to 24%. The company has also opened two more grooming salons across that time.

73 million transactions were registered in FY 2023. 8.9 million of these were made online.

In the upcoming two years, the retailer aims to restructure its online shopping platform and offer pet parents an easy opportunity to book pet care appointments. Pets at Home further intends to create an integrated pet experience providing everything the pet needs through data and artificial intelligence (AI).

The company forecasts its turnover to grow 7% per year and expects to reach profit of £127 million to £142 million ($157M/€146M to $175M/€163M) in 2024.

Across the next 5 years, there shall be investments of £400 million ($494M/€‎461M) to build up “the world’s best pet care platform”.

“By leading in sustainable pet food, evidenced by our investment in the Good Dog Food company, we can help to move the industry to a future with lower carbon emissions and improve biodiversity”, she said about the latest investment in brand Good Dog Food.