A pet groomer tends to a dog at The Groom Room, at Pets at Home in Milton Keynes, Britain, June 8, 2020. REUTERS
Jan 28 (Reuters) – Pets at Home kept its profit forecast for the year unchanged on Wednesday, even as the British pet care retailer reported lower third-quarter revenue, partly due to price cuts as part of its retail turnaround plan.
The Handforth-headquartered company has been working to fix product ranges and restore execution in its retail arm, despite its fast-growing veterinary division continuing to underpin profits.
Pets at Home is operating in a vet market that is now facing tighter government scrutiny after years of rising prices and limited competition. The government plans clearer pricing rules and a new licensing system to address hidden fees and owner complaints.
“With a new CEO and CFO joining in spring, our focus for the remainder of the year is on building momentum behind our four turnaround plan priorities,” Interim Executive Chair Ian Burke said in a statement.
The company posted total group revenue down 1% to 358 million pounds ($494.72 million) for the 12 week period to January 1, with like-for-like sales down 0.7%.
Reporting by Ankita Bora in Bengaluru; Editing by Rashmi Aich
