Pets at Home Group Plc released its Q3 FY24 Trading Statement, reporting a 6.0% increase in Q3 consumer revenue compared to the previous year, supported by growing average customer spend and active VIP members. The Group's revenue saw a 4.3% increase to £362.4m, with like-for-like revenue up 4.4%. The Vet Group's performance remained strong, with Q3 revenue up 13.4% and like-for-like up 13.3%, driven by sustained growth in average spend and the addition of vet talent.
However, the Retail segment saw Q3 revenue up 3.5% and like-for-like up 3.7%, falling below expectations due to soft discretionary accessories trends and a slowdown in inflation. The company expects the Group underlying PBT to be around £132m for FY24, assuming no sequential improvement in the Retail business LFL run rate through Q4.
The company's new digital platform is set to launch in the coming weeks, offering an improved customer experience and functionality across the app and website. Pets at Home Group also aims to return accessories to growth, introducing new premium brands and extended lifestyle ranges. Additionally, the company is driving innovation in food and expanding its pet care centers and vet practices.
Lyssa McGowan, Chief Executive Officer, expressed confidence in the business's long-term growth prospects, emphasizing the upcoming launch of the new digital platform as a key foundation for future growth. The company's next scheduled update will be a pre-close update at the end of March.
For further details, a Q&A conference call for analysts and investors will be hosted, and a recording will be available on the company's website.