Pets at Home sales improve after the chain cuts prices after sales declined by 1.1% in the third quarter to 1 January to then make an improvement of the 2.3% fall seen in the first half.
The store chain cut prices by an average of 12% on over 1,000 products to boost sales and the vet business saw sales rise by 5%.
In the quarter overall sales dropped 1% to £358 million and shares rose 4%.
Interim executive chairman Ian Burke said, “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%.”
He added, “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.”
Garry White, chief investment commentator at Charles Stanley, said, “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.”
