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PRIVACY
Retail & Consumer

Pandemic pet ownership boom sees Pets at Home's revenue soar

Pets at Home is now predicting a surge in profits during its current financial year

Pet ownership has boomed during the pandemic(Image: Getty Images - Westend61)

Pets at Home's revenue soared over the past year after it was boosted by the boom in pet ownership during the Covid-19 pandemic.

The Cheshire-headquartered business said group revenue jumped by 7.9% to a record £1.14bn for the year to March 25.

The retailer said it was buoyed by an increase in new pet owners, with the º£½ÇÊÓÆµ's pet population rising by "an estimated 8% in the 12 months following the first lockdown".

This particularly sparked a rise in a retail revenues, which passed £1bn in a year for the first time.

Pets at Home added that sales of puppy-focused products jumped by 26%, while kitten products surged by 37%.

It also said that underlying pre-tax profits for the year dipped by 6.4% year on year to £87.5m after it was weighed down by £30m in "Covid-related revenue restrictions and costs".

The group also returned £28.9m worth of business rates relief to the Government after it was able to trade during the pandemic.

It said it plans to invest around £70m over the current financial year, pumping money into its store transformation programme, digital growth and a new national distribution site.