Pets at Home Group (PETS) Q1 2025 TU earnings summary

Executive summary

• Q1 FY25 saw a resilient start with full-year guidance maintained, supported by growing average customer spend and active Pets Club membership, offsetting market normalization and slowing inflation.

• Investments in logistics, stores, and digital platforms are delivering benefits, with improved conversion rates and customer engagement.

Financial highlights

• Consumer revenue up 1.5% to £576.6m, driven by higher average spend and 3% growth in active Pets Club members year-over-year.

• Total Group revenue grew 1.0% to £441.1m; Group like-for-like revenue up 0.5%.

• Vet Group revenue up 17.1% with like-for-like growth of 13.3%, supported by increased visits and new customer sign-ups.

• Retail revenue declined by 0.8% as expected, with like-for-like down 0.8%, but market share gains in key categories were noted.

• Gross margins remained resilient, aided by favorable product mix and strong own label and accessories performance.

Outlook and guidance

• Full-year guidance is maintained, with growth improving through the quarter and continued optimism for future performance.