Pets at Home Thrives with Omnichannel Model and Record Customer Retention

  • Pets at Home reports Q1 revenues of £404.7m
  • Number of VIPs reaches a record 7.4m, up 10.7% YoY
  • Subscription plans increase by 16%, generating £135m in annualised recurring revenue
  • Omnichannel like-for-like sales up 13.5%
  • Puppy and Kitten Club sign-ups triple pre-pandemic levels
  • CEO Lyssa McGowan praises colleagues’ efforts in challenging times

Pets at Home has reported a 7.1% year-on-year increase in group revenues, reaching £404.7m during the 16 weeks from April to July 2022 (Q1 FY23). The number of Very Important Petowner (VIP) members rose by 10.7%, with 27% shopping across multiple channels. Vet group revenues increased by 11.2%, and retail revenues grew by 6.6%. Store like-for-like sales saw a 4.3% increase, while omnichannel like-for-like sales rose by 13.5%. The company’s subscription plans surged by 16%, generating over £135m in annualised recurring customer revenue, representing 8% of group customer revenue. Puppy and Kitten Club sign-ups have tripled pre-pandemic levels, creating a potential 12-15 year growth opportunity. CEO Lyssa McGowan credits the team’s passion and expertise for their strong performance amidst challenging times. The company expects full-year profits in line with analyst consensus of £131m.

Factuality Level: 10
Factuality Justification: The article provides accurate and objective information about Pets at Home’s financial performance, including revenue growth, customer numbers, subscription plans, and CEO’s statement. It does not contain any irrelevant or misleading information, sensationalism, redundancy, or personal perspective presented as a fact.
Noise Level: 2
Noise Justification: The article provides relevant information about Pets at Home’s financial performance and growth, including revenue, active VIPs, subscription plans, and customer retention. It also includes a quote from the CEO. The content is focused on the topic and supports its claims with specific numbers and figures.
Financial Relevance: Yes
Financial Markets Impacted: Pets at Home’s financial performance impacts its stock value and may affect related companies in the pet care industry
Financial Rating Justification: The article discusses Pets at Home’s financial performance, including revenue growth and profit expectations, which can impact the company’s stock value and influence other businesses in the pet care sector.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.

Reported publicly: www.retailsector.co.uk