Animal retailer Pets at Home have reported that shares in the company dropped 8% due to lack of sales in pet food and accessories.
Figures show that in the third quarter like-for-like merchandise revenues fell 0.5% at Whiskers ‘n Paws, Barkers and Pets at Home, however online developed “strongly” and total like-for-like revenues increased 0.1% which was helped by a solid performance in veterinary services.
Elsewhere, other figures reveal that overall revenue for the group grew 4.4% to £203.7 million which included new store openings, total revenue from services increased 47.8% to £26.3 million, however total merchandise income remained the same at £177.4 million due to “subdued” store sales being counterbalanced by enhanced online performance.
Chief executive, Ian Kellett, said: "With a quarter to go, our profit outlook for the year remains in line with expectations, reflecting both the continued investment in our customer offer and ongoing efficiency initiatives."
Currently the company has 429 stores in the UK, with 411 veterinary practices and commented that it would be looking to open 15-20 superstores, 50-60 grooming salons and 45-55 vet practices in the existing financial year.
