Pets at Home surges after trading update

Shares in FTSE 250 animal products retailer Pets at Home (LON:PETS) have shot upwards by 19.85% to 307.31p (as of 14:40 BST) after reporting a significant uptick in recent sales. While total revenues for the sixteen weeks ended 16th July dropped by 0.7%, there has been a strong rebound in the last 4 weeks of the period as stores and veterinary services were able to reopen.

CEO Peter Pritchard commented: “The effects of COVID-19 continue to have an unprecedented impact on all of our lives. Our first priority remains the health, safety and wellbeing of all our colleagues and customers, and, on behalf of our stakeholders, I would like to express sincere thanks to all of our colleagues across the Group for their tireless work and dedication in adapting our proposition and serving our customers’ needs during such challenging times.

[…] In spite of the rapid, wide-ranging and devastating effects of the pandemic, we have remained open for our customers throughout the period and we are emerging as a stronger business. The inherent resilience in our pet care model and the underlying pet care market, as well as encouraging signs of increased pet ownership, all underpin our confidence in seizing the future and progressing specific, strategic priorities. The significant investment in our omni-channel business is a good example of this, representing an important milestone, not just for our business and customers, but also as part of our commitment to longer term regional job creation and retention.

While much has changed, and continues to do so, we remain confident in the long-term sustainability of our pet care business, where the love of pets and the role that they play in our lives is only increasing“.