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PETS Pets At Home Group Plc

269.60
-0.40 (-0.15%)
Last Updated: 09:14:04
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Pets At Home Group Plc LSE:PETS London Ordinary Share GB00BJ62K685 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.40 -0.15% 269.60 269.60 270.20 271.20 269.60 270.00 22,406 09:14:04
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Misc Retail Stores, Nec 1.4B 100.7M 0.2114 12.80 1.29B

Pets At Home Group Plc Q3 FY17 trading update (5463U)

19/01/2017 7:00am

UK Regulatory


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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

TSTGGUAAGUPMGMR

(END) Dow Jones Newswires

January 19, 2017 02:00 ET (07:00 GMT)

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