Home pet sales skyrocket after pandemic pet ownership boom
Pets at Home has revealed that revenues have skyrocketed over the past year after being boosted by the boom in pet ownership during the pandemic.
The company said the group’s revenue jumped 7.9% to a record £ 1.14 billion for the year ending March 25.
The retailer said it was supported by an increase in the number of new pet owners, with the UK’s pet population increasing “by around 8% within 12 months of the first lockdown” .
In particular, it sparked a surge in retail revenues, which topped £ 1billion in one year for the first time.
Pets at Home said sales of puppy-focused products jumped 26%, while kitten products jumped 37%.
He added that underlying pre-tax profits for the year fell 6.4% year on year to £ 87.5million after being weighed down by £ 30million in ‘income and cost restrictions linked to Covid ”.
The group also returned £ 28.9million in trade tariff relief to the government after being able to trade during the pandemic.
It has announced plans to invest around £ 70million in the current fiscal year, pumping money into its store transformation program, digital growth and a new national distribution site.
Peter Pritchard, chief executive of Pets at Home, said the company would target £ 600million in new revenue opportunities to continue its recent growth.
“It was the most amazing time of my 35 years in retail,” he added.
“The pandemic has brought about permanent changes in the way we work and spend our free time, breaking down historical barriers to pet ownership and strengthening the emotional bond between people and their pets.
“I am happy to say that, thanks to our unique pet care ecosystem and the tireless efforts of our colleagues, we have taken a greater share of this growing market and are coming out of the pandemic a stronger company.