TIDMPETS
RNS Number : 5463U
Pets At Home Group Plc
19 January 2017
Pets at Home Group Plc Q3 FY17 trading update
Pets at Home Group Plc, the UK's leading specialist retailer of
pet food, pet accessories, veterinary and grooming services, today
announces a scheduled Q3 FY17 trading update. Unless otherwise
stated, this reflects the 12 week period from 14(th) October 2016
to 5(th) January 2017, compared with the 12 week period from 9(th)
October to 31(st) December 2015.
Financial summary
-- Group revenue growth of 4.4% to GBP203.7m
o Merchandise revenues flat at GBP177.4m
o Services revenues up 47.8% to GBP26.3m, reflecting Joint
Venture vet practice fee income up 26.2% to GBP9.5m and the
contribution from newly acquired specialist referral centres
-- Group like-for-like revenue growth of 0.1%* reflecting
continued strong growth in veterinary services, offset by more
subdued trading across the Merchandise business
o Merchandise like-for-like revenue growth (0.5)%*
o Services like-for-like revenue growth 7.0%*
-- Profit outlook for FY17 remains in line with market expectations
*Q3 FY17 has one fewer trading day than the prior year. The LFL
growth calculation removes this difference and compares the 12
weeks from 14 Oct 2016 to 5 Jan 2017, with the 12 weeks from 14 Oct
2015 to 5 Jan 2016
Operational summary
-- Store and services rollout on track, having opened 2
superstores, 6 vet practices and 11 grooming salons. On target to
deliver FY17 rollout targets: 15-20 superstores, 45-55 vet
practices and 50-60 grooming salons
-- VIP club active members 3.7m, an increase of around 280,000
since FY16 year end. Card swipe rate at store tills remained
consistent at 66% of revenues
-- Integration of our new veterinary specialist referral
hospitals progressing well, with best practice & cost benefits
already being realised across the business
Ian Kellett, Chief Executive Officer, commented:
"Vet services yet again performed strongly this quarter, where
our strategy of providing a quality service to clients across both
primary opinion and specialist referral centres is delivering
results, and is a platform for continuing strong growth.
In Merchandise, whilst overall sales were softer than
anticipated, online grew strongly, reflecting the momentum gained
from our investments in seamless shopping. We saw a good
performance in our Christmas range, where customers are responding
to innovative products at great value for money, which we will
reflect in new range launches later this year. We will also focus
on delivering best value, starting with a very clear message to
customers about the benefits of our high quality, UK produced
private label foods, where we will be leveraging our competitive
advantage.
With a quarter to go, our profit outlook for the year remains in
line with expectations, reflecting both the continued investment in
our customer offer and ongoing efficiency initiatives. Our focus on
becoming more specialist, and doing the right thing for our
customers, remains at the forefront of our strategy. Our colleagues
worked extremely hard over the busy festive period and I want to
thank them all for their commitment and dedication."
Conference call
A conference call for analysts and investors will be held at 8am
today. To join the call, please dial + 44 20 3059 8125 and quote
'Pets at Home'. A recording will be available for seven days on +
44 121 260 4861 (passcode: 5042024#)] and at
http://investors.petsathome
Key Performance Indicators
ROLLOUT Q3 FY16 Q3 FY17 H1 FY17
Stores Number of stores in period(1) 417 437 435
New stores (gross) (1) 9 2 8
Vets Number of vet practices (total) 359 411 405
Number of standalone vet practices 130 145 143
Number of in-store vet practices 229 266 262
% of stores with vet 55% 61% 60%
New vet practices (total) 6 6 17
New standalone vet practices 0 2 5
New in-store vet practices 6 4 12
Groomers Number of groomers 205 269 258
% of stores with groomer 49% 60% 58%
New groomers 15 11 18
VIP CLUB Q3 FY16 Q3 FY17 H1 FY17
VIP club active members (m) (2) 3.3 3.7 3.6
VIP swipe as % revenue(3) 64% 66% 65%
FINANCIALS Q3 FY16 Q3 FY17 Change
Revenue Revenue Split (GBPm)
Merchandise revenue(4) 177.3 177.4 0.0%
Services & other revenue(5) 17.8 26.3 47.8%
Group revenue 195.1 203.7 4.4%
Group like-for-like growth(6) 2.2% (7) 0.1% (8)
Merchandise like-for-like growth 1.7%(7) (0.5)%(8)
Services like-for-like growth 8.5%(7) 7.0%(8)
Revenue Mix (% of total revenues)
Merchandise 90.9% 87.1% (379) bps
Services & other 9.1% 12.9% 379 bps
1 Includes Barkers and Whiskers 'n Paws by Pets at Home
2 Active defined as customers who have purchased during the past
twelve months
3 Average swipe rate of the card at store tills over latest
quarterly period
4 Includes Food & Accessories revenue
5 Includes veterinary Joint Venture fees & other veterinary
income, including specialist referrals, grooming salon revenue,
revenue from live pet sales & insurance commission
6 'Like-for-Like' sales growth comprises total sales/fee revenue
in a financial period compared to revenue achieved in a prior
period, for stores, online operations, grooming salons, vet
practices & referral centres that have been trading for 52
weeks
7 The accounting period for Q3 FY16 has the benefit of one
additional trading day during the quarter, when compared with the
prior year. The stated LFL growth removes this benefit and compares
the 12 weeks from 9 Oct 2015 to 31 Dec 2015, with the 12 weeks from
9 Oct 2014 to 31 Dec 2014
8 The accounting period for Q3 FY17 has one fewer trading day
during the quarter, when compared with the prior year. The stated
LFL growth calculation removes this difference and compares the 12
weeks from 14 Oct 2016 to 5 Jan 2017, with the 12 weeks from 14 Oct
2015 to 5 Jan 2016
Investor Relations Enquiries
+44 (0)161 486
Pets at Home Group Plc: 6688
Amie Gramlick, Head Of Investor Relations
Media Enquiries
+44 (0)161 486
Pets at Home Group Plc: 6688
Brian Hudspith, Director Of Corporate Affairs
+44 (0)20 7379
Maitland: 5151
Rebecca Mitchell, Robbie Hynes
About Pets at Home
Pets at Home Group Plc is the UK's leading specialist pet
omnichannel retailer and services provider. Pets at Home operates
from 429 superstores located across the UK. The Group operates the
UK's largest small animal veterinary business with 411 practices,
run principally under a Joint Venture model using the Vets4Pets and
Companion Care brand names, and four veterinary specialist referral
centres. Pets at Home is the UK's leading operator of pet grooming
services offered through its 269 grooming salons. The Group also
operates 7 specialist High Street based dog stores, called Barkers.
For more information visit: http://investors.petsathome.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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