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PRIVACY
Retail & Consumer

Pets at Home raises profits expectations after ownership boom continues

The group also confirmed the chief operating officer of Vet Group is to retire

Pets at Home has stores across the country

The animal ownership boom during the pandemic continued to provide Pets at Home with strong growth during its latest financial period, revealing that profits are likely to be ahead of expectations.

The Cheshire-headquartered group confirmed sales hit £319.4m in the 12 weeks to December 30, a jump of 8.7% on the same period a year ago.

Its retail business enjoyed particularly strong growth during the run-up to Christmas, up 9.8% as customers turned to more premium brands to pamper their pets. The company's vet business saw sales up 4%.

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But the company, which has major operations in Staffordshire, warned that inflation pressures hitting the economy are starting to take hold, with supply chain costs increasing.

Pets at Home said: "We, like many others, are witnessing a number of inflationary pressures across the supply chain.

"While we are not immune to these challenges, we are proactively mitigating them through a series of planned initiatives."

The retailer said these include targeting rent reductions, procurement savings and "operational efficiencies".