Pets at Home Group (PETS) Q1 2026 TU earnings summary

Executive summary

• Consumer revenue rose 0.4% to £591m in Q1 FY26, with Vet Group up 7.1% and Retail down 3.0% year-over-year.

• Group statutory revenue declined 1.9% to £435m, with like-for-like revenue also down 1.9%.

• Customer satisfaction and key performance indicators improved, with Pets Club members up 1% to 8.1m and average customer value up 1% year-over-year.

• Digital sales returned to double-digit growth after operational transitions, and subscriptions now represent 14.5% of consumer revenue.

• Vet capacity expanded with two new practices and two extensions, and clinical FTE headcount increased 5% year-over-year.

Financial highlights

• Vet Group consumer revenue up 7.1% year-over-year, with a 40% increase over three years.

• Retail consumer revenue down 3.0% year-over-year, but showing sequential improvement.

• Gross margins remained resilient despite £20m in cost headwinds for FY26.

• Subscriptions revenue grew over 40% year-over-year, now at 14.5% of consumer revenue.

Outlook and guidance

• FY26 underlying PBT guidance adjusted to £110-120m, reflecting lower market growth expectations (now ~1%).

• Outperformance of the retail market expected to continue, with Vet Group on track for further progress.

• Operating cost growth to be limited to 5%, with productivity programs mitigating cost headwinds.

• H1/H2 profit split expected to be in line with prior years; all other guidance unchanged.