Business
Q1 FY24 Trading Statement
Q1 FY24 Trading Statement.
About this update from Pets At Home Group Plc
[{"type":"text","content":"\n\n\n \nFOR IMMEDIATE RELEASE, 03 AUGUST 2023\nPets at Home Group Plc: Q1 FY24 Trading Statement\nfor the 16 week period to 20 July 2023\nStrong sales momentum and further strategic progress\n \nFinancial Highlights\n\n\n\n●\n\n\nConsumer revenue1 up 10.2% to £568.2m supported by both volume and value growth.\n\n\n\n\n●\n\n\nConsumer numbers continued to grow with our active VIP base increasing 4% to 7.7m, with over 22,000 new Puppy & Kitten sign ups and 18,000 new pet registrations a week in our Vet Group.\n\n\n\n\n●\n\n\nTotal Group revenue growth of 7.9% to £436.8m, with Group like-for-like2 (LFL) revenue up 7.9%.\n\n\n\n\n\n\n\n○\n\n\nVet Group revenue was up 16.3%, with LFL2 of 16.6%, increasingly supported by number of visits (as we increased vet capacity), improving mix and continued growth in average spend.\n\n\n\n\n\n\n\n○\n\n\nRetail revenue growth of 7.1%, and LFL2 up 7.1%. Our food category remains in volume growth across grocery and premium categories supported by further progress in our relative price position. Accessories trends were consistent with previous quarters, as expected.\n\n\n\n \nBusiness Highlights \n\n\n\n●\n\n\nOpened 2 new pet care centres with in-store JV vets, both under our new integrated brand, and completed 9 refits, including our Leeds Birstall centre, with a significant extension of an existing vet hospital, providing 24-hour patient care, additional services and consult rooms, and training facilties.\n\n\n\n\n●\n\n\nContinued progress in the development of our digital platform, remaining on track for cut over of our consumer app and website later this year, a key foundation for growth in the years ahead.\n\n\n\n\n●\n\n\nWe also launched nutrition subscription capability in-store resulting in accelerated Easy Repeat sign ups. We also relaunched our care plans in the quarter which have seen strong consumer uptake.\n\n\n\n\n●\n\n\nAs part of our food strategy, we continued the rollout of new freezer space across the estate, alongside the introduction of new ranges, resulting in good sales uplift in our frozen category.\n\n\n\n\n●\n\n\nEncouraging activity within vet recruitment and retention with turnover down 7% YoY, the impacts of which are already being seen in our revenue growth. We have doubled the number of graduate places on of...