"I'm pleased to report continued strong performance in our vet business and sequential improvement in retail, as we continue to implement our retail turnaround plan."
"One of our key early actions as part of this plan included investing in our customer offer, reducing the price of over 1,000 products by an average of 12%."
"With a new chief executive and chief financial officer joining in spring, our focus for the remainder of the year is on building momentum behind our four turnaround plan priorities of price, product, cost and execution, to deliver our 2025-26 plan and to return our retail business to sustainable sales and profit growth."
"Pets at Home is holding its ground in a challenging retail environment, with its vets and subscription businesses continuing to cushion the impact of ongoing retail softness. The retail operation is likely to remain under pressure until consumer confidence improves, and the timing of this remains difficult to judge."
Retail sales at Pets at Home fell 1.1% in the third quarter to 1 January, an improvement on a 2.3% decline in the first half. The chain reduced prices by an average of 12% on over 1,000 products to boost customer demand. Overall quarterly revenue dropped 1% to £358 million while the veterinary business grew sales by 5%, supporting group performance. Shares rose 4% following the figures. Management plans a retail turnaround focused on price, product, cost and execution, with a new chief executive and chief financial officer joining in spring to drive the 2025-26 plan.
Read at London Business News | Londonlovesbusiness.com
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