TIDMPETS
RNS Number : 5922C
Pets At Home Group Plc
23 January 2018
Pets at Home Group Plc: Q3 FY18 trading statement
Pets at Home Group Plc ("Pets at Home") today announces a
scheduled trading update for the 12 week period from 13(th) October
2017 to 4(th) January 2018, compared with the 12 week period from
14(th) October 2016 to 5(th) January 2017.
Financial summary
-- Group revenue growth of 9.6% to GBP223.3m
o Merchandise revenue growth of 9.0% to GBP193.4m, including
omnichannel revenue up 77% to GBP13m
o Services revenue growth of 13.6% to GBP29.9m, including Joint
Venture vet practice income up 19.3% to GBP12.1m
-- Group like-for-like revenue growth of 7.2%
o Merchandise like-for-like revenue growth of 6.8%, with good
performance in store sales, as well as from omnichannel initiatives
- Order In-Store and subscription
o Services like-for-like revenue growth of 10.1%, reflecting
strong growth in first opinion and specialist referral vet
services
-- All financial guidance*, including gross margin expectations, is unchanged
* Refers to financial guidance before exceptional items
Operational summary
-- Excellent progress in Merchandise trading, where price
repositioning has continued with the addition of further major
brands in both dog and cat Advanced Nutrition
-- New checkout process launched on the mobile website,
delivering significantly improved online conversion and customer
experience
-- First Opinion vet practices delivering strong growth across both new and mature surgeries
-- Opened two Pets at Home superstores, two Vets4Pets practices
and five Groom Room salons. On track to deliver full year opening
targets of around 10 superstores, 40-50 vet practices and 20-30
grooming salons
-- The Barkers store trial has reached its conclusion. Existing
stores will be closed over the coming year and exceptional costs of
cGBP2m are expected in the FY18 income statement in relation to
lease commitments and the write down of fixed assets
Ian Kellett, Group Chief Executive Officer, commented:
"I'm happy to report further progress in the third quarter,
where trading momentum in our Merchandise division built over the
Christmas period. In the year since we launched our lower pricing
initiatives we have seen a really strong customer response to the
investments we have made. At the same time, we continued to deliver
strong growth in our veterinary business across both first opinion
practices and specialist referral centres. Thanks again to
colleagues across the Group who worked incredibly hard to deliver
this result.
We again saw the benefits of our omnichannel capabilities,
providing customers with innovative and convenient ways to shop,
particularly through Order In-Store and subscription services. This
unique combination of capabilities are brought to life by our store
colleagues who provide the friendly expertise, advice and service
that our customers really value."
Key Performance Indicators
ROLLOUT Q3 FY17 Q3 FY18
Stores Number of stores(1) 437 452
New stores (net) 2 2
Vets Number of vet practices (total) 411 449
Of which in-store vet practices 266 296
Of which standalone vet practices 145 153
New vet practices (total) 6 2
Groomers Number of groomers 269 306
New groomers (net) 11 5
% of stores with a vet practice
Integrated store units and grooming salon 50% 55%
VIP CLUB Q3 FY17 Q3 FY18
VIP club active members (m) (2) 3.7 3.8
VIP swipe as % revenue(3) 66% 68%
FINANCIALS Q3 FY17 Q3 FY18 Change
Revenue Revenue Split (GBPm)
Merchandise(4) 177.4 193.4 9.0%
Services & other(5) 26.3 29.9 13.6%
Total Group 203.7 223.3 9.6%
Merchandise like-for-like growth (0.5)% 6.8%
Services like-for-like growth 7.0% 10.1%
Group like-for-like growth(6) 0.1% 7.2%
Revenue Mix (% of total revenues)
Merchandise 87.1% 86.6% (46) bps
Services & other 12.9% 13.4% 46 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 and Accessories revenue from store and online
operations
5 Includes veterinary Joint Venture fees & other veterinary
income, specialist referrals revenue, grooming salon revenue,
revenue from pet sales & insurance
6 'Like-for-Like' sales growth comprises total 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 or more
Investor Relations Enquiries
Pets at Home Group Plc: +44 (0)161 486 6688
Amie Gramlick, Director of Investor Relations
Media Enquiries
Pets at Home Group Plc: +44 (0)161 486 6688
Brian Hudspith, Director of Corporate Affairs
Maitland: +44 (0)20 7379 5151
James McFarlane, Joanna Davidson
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 444 superstores located across the UK. The Group operates the
UK's largest small animal veterinary business with 449 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 306 grooming salons.
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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