Business
Q1 Trading Statement
Q1 Trading Statement.
About this update from Pets At Home Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 6863U\n Pets At Home Group Plc\n 31 July 2020\n \n \n \n \n FOR IMMEDIATE RELEASE, 31 July 2020\n \n \n Pets at Home Group Plc: Q1 FY21 Trading Statement\n \n \n Progressing investment to create a stronger pet care business; early indications that pet ownership is growing\n \n \n Pets at Home Group Plc, the UK's leading pet care business, is pleased to provide a trading update covering the 16 week period from 27 March to 16 July 2020, compared to the 16 week period from 29 March to 18 July 2019.\n \n \n Financial highlights\n \n \n · \n Total Group revenue and like-for-like1 (LFL) revenue was down (1.0)% and (0.7)% respectively, with a LFL revenue decline of (13.5)% over the initial eight weeks offset by LFL revenue growth of 12.0% over the subsequent eight weeks. \n \n \n o \n Retail revenue and LFL revenue both increased 0.4%, with performance across the quarter as a whole reflecting strong merchandise sales, which mitigated the revenue impact of closing our grooming salons and sale of pets during the first eight weeks, as well as a reversal of the exceptional, brought forward demand witnessed in the closing weeks of Q4 FY20.\n \n \n Omnichannel3 revenues grew 71.0%, with previous investment in capacity supporting record order volumes and a step change in participation of Retail revenue from 9.8% in the prior year to 16.6% in Q1 FY21. \n \n \n o \n Vet Group revenue and LFL revenue was down (10.9)% and (9.3)% respectively, reflecting the impact of regulatory restrictions on permitted procedures during the early stages of the pandemic on Joint Venture fee income and customer sales in our company managed First Opinion practices and Specialist Referral centres. \n \n \n While LFL customer sales across all First Opinion practices were down (9.3)% for the quarter as a whole, LFL growth of 4.6% over the last eight weeks of the quarter bears testament to the advantages of our unique owner-managed model. \n \n \n · \n Our liquidity remained strong throughout the period, with cash balances and undrawn banking facilities, including the additional £100m RCF raised in May, totalling £267m at the end of the quarter. This, together with our designation as an \"Essential\" retailer and sales momentum through the quarter, underpinned our decision, across our Retail operations and Specialist Referr...