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UK's Pets at Home launches retail turnaround drive after profit drop
Pets at Home's retail profits dropped 84.1% to £3.5 million, prompting a plan focused on product, price, execution, and cost to stabilize and reduce overheads by £20 million.
- On October 9, Pets at Home reported retail underlying profits fell 84.1% to 3.5 million, dragging group profits down 33.5% to 36.2 million.
- By contrast, retail consumer sales fell 2.3%, accessories dropped 5.9%, and food declined 0.3%, while the Pets at Home vet business lifted sales 6.7% and profits rose 8.3% to 44.9 million.
- As part of the revival, management said they implemented the retail turnaround plan with four priorities and aimed to reduce overheads by around 90 million, developing a leaner store operating model.
- Meanwhile, the board said it maintains annual guidance of underlying pre‑tax profits �90 million to �100 million, while the search for a new chief executive is progressing and Ian Burke, interim executive chairman, returns to retail roots.
- Operationally, the company has implemented a leaner store operating model earlier this year with actions across buying operations, store leases, and distribution automation, while management said urgent cost optimisation efforts are needed.
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UK's Pets at Home launches retail turnaround drive after profit drop
Britain's Pets at Home launched a turnaround plan for its retail business on Wednesday, looking to fix product ranges and cut costs after missed opportunities in premium pet food and "self-inflicted" problems in accessories.
·United Kingdom
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Coverage Details
Total News Sources9
Leaning Left2Leaning Right1Center6Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 22%
C 67%
11%
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