53 week period to 31 March 2016
The latest results for Pets At Home are only available to subscribers.
12 week period from 9 October to 31 December 2015
• Like-for-like sales (LFL) growth of 2.2 per cent*· Merchandise LFL growth of 1.7 per cent*· Services LFL growth of 8.5 per cent*, driven by strong performance in vet and grooming services• Total revenue growth of 7.1 per cent to £195.1m· Merchandise revenues up 5.4 per cent to £177.3m· Services revenues up 27.4 per cent to £17.8m, with fee income from Joint Venture veterinary practices up 16.3 per cent to £7.5m• Financial outlook for FY16 remains in line with current expectations*Q3 FY16 benefits from one fewer bank holiday than the prior year, closing on New Year’s Eve, compared with Q3 FY15 which closed on New Year’s Day when the majority of stores are closed. Our LFL growth calculation 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.
Management’s expectations for the full year remain unchanged and the strategy for high growth, margin supportive pet services business. Total growth was up +7.1 per cent in Q3, year-on-year, with strong growth in merchandise and the vet and grooming services. The successful acquisition of Anderson Moores, leading specialist hospitals, was an important advancement into the veterinary market. Over the period, there was a net increase of 7 additional Home superstores and 15 grooming salons and 6 veterinary practices. Management remain confident they are on course to deliver 20-25 Pets at Home stores, 5 Barkers, 50-55 vet practices and 55-60 grooming salons in FY16.
Nick Wood, Chief Executive Officer, commented: "We are pleased with the improved trading momentum in our Merchandise business, alongside continued strength in our vet and grooming services. We are also delighted with our acquisition of one of the UK's leading specialist hospitals, Anderson Moores, which further develops our presence in this important strategic segment of the veterinary market. I would like to thank all our colleagues for their hard work through the busy festive period. We look forward to further growth and expansion in 2016."
28 week period from 27 March to 8 October 2015
• Total revenue growth of 6.0 per cent to £404.5m• Merchandise revenues up 4.1 per cent to £362.6m: Food revenues up 7.1 per cent to £202.1m, with Advanced Nutrition growing 13.7 per cent to £85.8m. Accessories revenues up 0.6 per cent to £160.5m, offset by continuing challenge to Health & Hygiene product sales• Services revenues up 26.2 per cent to £41.9m • Like-for-like sales growth of 1.8 per cent• Gross margin of 54.1 per cent, +27bps on the prior year; reflecting strong margin expansion in both Merchandise and Services• EBITDA growth of 5.1 per cent to £60.7m and margin 15.0 per cent• Space rollout on track· Added 6 Pets at Home stores: total 405· 2 Barkers stores, bringing the trial format to a total of 3· Opened 15 veterinary practices: total 353· Opened 10 grooming salons: total 190
Management’s expectations for the full year remain unchanged and the strategy for high growth, margin supportive per services business. The FY 2016 rollout targets remain: 20-25 Pets at Home stores, 5 Barkers, 55-60 grooming salons and 50-55 vet practices. The financial outlook for FY16 is in line with current expectations.The Group remains highly cash generative and the Board intends to review the capital structure, taking into account the appropriate balance between opportunities for growth and shareholder returns.Overall, a solid set of results with delivered better than expected profitability supported by gross margin gains in both the merchandising and Services business.
Nick Wood, Chief Executive Officer, commented: "Our core strategic drivers remain strong and I am pleased with the progress we have made in the first half of the year, highlighted by a 13.4 per cent rise in earnings per share. Pet services have again grown significantly, benefitting from sustained organic growth in both our vet and grooming businesses, together with encouraging results from the acquisition of our first specialist referral hospital. In Merchandise we continue to lead the market and grow our share in Advanced Nutrition foods.""We have strengthened the business further through the implementation of our new divisional structure, whilst investment in our colleagues and seamless shopping experience continues to build our competitive and strategic strength."