Pets at Home posts higher H1 sales, on track for FY targets

Pet shop chain Pets at Home reported higher first half sales and said it was on track to hit full-year targets.

Pets at Home said like-for-like sales rose 4.2% both in the second quarter and first half, driven by strength in its advanced nutrition and health & hygiene products.

It said its VIP Club loyalty scheme had good momentum and fee income from its veterinary practices and pet grooming business had continued to expand.

Total revenue rose 10.2% to £381.5m in the 28 week period from 28 March to 9 October.

Merchandise revenues rose 8.9% to £348.3m, driven by new store openings and continued strength in food and accessories;

Service revenues lifted 27% to £33.2m, reflecting new openings and rising revenue from vets and grooming.

It added eight shops to its portfolio in the first half including 10 new stores, one store closure in Knutsford, and a temporary closure of its Rugby store, which will be moved next year.

It expects to open at least 25 new stores, 60 new veterinary practices and 50 new Groom Room salons this year.

Chief executive Nick Wood said: "We are very pleased with the strong like-for-like growth of 4.2% in the first half of our financial year. This positive momentum across the business gives us further confidence in our ability to deliver on our expectations for the full financial year."

Pets At Home will release its full FY15 interim results on 4 December.