Pets at Home upgrades FY profit guidance after strong December sales
Pets at Home upgraded its full-year profit guidance on Friday following strong sales growth in December.
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The pet care business said that assuming it remains classed as an "essential" retailer during lockdown, it now expects full-year underlying pre-tax profit to be at least £77m, ahead of its previous guidance, and including the previously-announced £28.9m repayment of business rates relief.
The company said that since its first-half results on 24 November, momentum has accelerated across all channels during the third quarter, with "high-teens" group like-for-like sales growth last month.
Pets said its "robust" balance sheet and liquidity position was strengthened further at the end of 2020 through £80m in initial cash proceeds relating to the completion of the disposal of its Specialist Group business.