Trading Statement

RNS Number : 8506V

Pets At Home Group Plc

21 April 2016

 

Pets at Home Group Plc: FY16 Trading Statement

Positive momentum, delivering on expectations

Pets at Home Group Plc, the UK's leading specialist retailer of pet food, accessories and services, today announces a scheduled FY16 trading update. Unless otherwise stated, this reflects the 53 week period to 31st March 2016.

FY16 financial summary

	52 weeks to 24th March	growth	53 weeks to 31st March	growth
Group like-for-like revenue growth*	2.2%		2.1%
Merchandise like-for-like	1.5%		1.4%
Services like-for-like	10.4%		10.0%
Group revenue	£777.8m	6.7%	£793.1m	8.8%
Merchandise revenue	£696.5m	4.6%	£710.2m	6.6%
Services revenue	£81.3m	29.2%	£82.9m	31.7%
- of which fee income from JV vet practices	£34.5m	22.3%	£35.1m	24.4%

* "52 weeks" represents LFL sales for the 52 week period to 24^th March 2016 compared with the 52 week period to 26^th March 2015. "53 weeks" represents LFL sales for the 53 week period to 31^st March 2016, compared with the 53 week period to 2^nd April 2015

FY16 profit

·     Full year pre exceptional profit before tax expected to be in line with market expectations. Consensus expectations for PBT range between £93m and £97m

Operational summary

·     FY16 store and services openings

o  20 new Pets at Home superstores (net of one closure)

o  6 Barkers stores and 1 Whiskers 'n Paws trial format store

o  50 vet practices and 60 grooming salons

·     VIP club

o  Total members of 4.5m, adding over 1.3m members during the year

o  In-store card swipe rate 64% of revenues in Q4, consistent with Q3

Ian Kellett, Chief Executive Officer, commented:

"With Group like-for-like revenue growth of 3.2% in the final quarter, we are pleased with the continued positive sales momentum in our Merchandise business and have seen excellent performance in both our vet practices and grooming salons. Our highly trained colleagues are fundamental to achieving these results and I would like to extend my thanks for their dedication and support throughout the year."

Key Performance Indicators

ROLLOUT		FY16	FY15
Stores	Number of stores in period1	427	400
	Store openings (net)	27	23
Vets	Number of vet practices	388	338
	Number of standalone vet practices	138	127
	Number of in-store vet practices	250	211
	% of stores with vet	59%	53%
	New vet practices in period	50	61
	New standalone vet practices	11	8
	New in-store vet practices	39	53
Groomers	Number of groomers1	240	1802
	% of stores with groomer	56%	45%
	New groomers in period1	60	50
VIP CLUB		FY16	FY15
	VIP club members (m)	4.5	3.2
	VIP swipe as % revenue3	64%	65%

FINANCIALS		FY16  (52 weeks)	FY16 (53 weeks)		FY15
Revenue	Revenue Split (£m)
	Total Group revenue	777.8	793.1		729.1
	Merchandise revenue4	696.5	710.2		666.1
	Services & other revenue5	81.3	82.9		63.0
	Like-for-like growth6	2.2%	2.1%		4.2%
	Merchandise like-for-like growth	1.5%	1.4%		3.7%
	Services like-for-like growth	10.4%	10.0%		10.7%
	Revenue Mix (% of total revenues)
	Merchandise	89.5%	89.5%		91.4%
	Services & other	10.5%	10.5%		8.6%

1 Includes Barkers and Whiskers 'n Paws by Pets at Home

2 Re-stated to include an additional grooming salon located In Barkers of Wilmslow

3 Average swipe rate over latest quarterly period

4 Includes Food and Accessories revenue from our store and online operations

5 Includes veterinary Joint Venture fees and other veterinary income, grooming revenue, revenue from live pet sales and 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, post cannibalisation, for stores, online operations, grooming salons and vet practices. "52 weeks" represents LFL sales for the 52 week period to 24th March 2016 compared with the 52 week period to 26th March 2015. "53 weeks" represents LFL sales for the 53 week period to 31st March 2016, compared with the 53 week period to 2nd April 2015

Investor Relations Enquiries

Pets at Home Group Plc:

[phone]

Amie Gramlick, Head Of Investor Relations

Media Enquiries

Pets at Home Group Plc:

[phone]

Brian Hudspith, Director Of Corporate Affairs

Maitland (Public Relations Advisors to Pets at Home):

[phone]

Greg Lawless, Tom Eckersley

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 420 superstores located across the UK. The Group operates the UK's largest small animal veterinary business with 388 practices, run principally under a Joint Venture model using the Vets4Pets and Companion Care brand names, and two veterinary specialist referral centres. Pets at Home is the UK's leading operator of pet grooming services offered through its 240 grooming salons. The Group also operates 7 specialist High Street based dog stores, called Barkers, as well as Ride-away, an equine retail business with a superstore and website. For more information visit: http://investors.petsathome.com/

 

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