Pets at Home Group (PETS) Q3 2025 TU earnings summary

Executive summary

• Q3 FY25 consumer revenue rose 2.3% to £468.0m, driven by strong Vet Group growth offsetting softer Retail performance.

• Group revenue for Q3 was £361.6m, up 0.2%, with like-for-like revenue up 1.0%.

Financial highlights

• Vet Group Q3 revenue grew 21.3% with like-for-like up 19.9%, supported by higher subscriptions, visits, and transaction values.

• Retail revenue declined 2.4% in Q3, with like-for-like down 2.8%, impacted by weak UK consumer footfall.

• Digital performance improved, with continued strong growth in subscriptions.

Outlook and guidance

• Full year underlying profit before tax guidance is unchanged, with modest growth expected.

• Gross margin discipline maintained, aided by strong Christmas seasonal sell-through and effective cost management.

• Non-underlying costs for FY25 now expected at £11m due to accelerated exit from Northampton DC.