Pets At Home Group (LON:PETS) said its third-quarter performance met expectations and forecast full-year results in line with consensus.
Shares rose 5.2% on Wednesday, making it one of the top performers on the FTSE 250.
The pet care operator reported statutory revenue of £358 million in the 12 weeks to 1 January, down 1.0% year-on-year and 0.7% on a like-for-like basis. Group consumer revenue, which includes joint ventures, rose 0.8% to £472 million. Vet Group revenue increased 5.0%, while retail consumer revenue fell 1.1% but showed sequential improvement.
Interim Executive Chair Ian Burke highlighted the strong performance of the vet business and noted that retail is showing signs of recovery following the implementation of the Retail Turnaround Plan.
This includes reducing prices on over 1,000 products by an average of 12% to reinforce value for customers. Subscription sales continue to grow, representing 15% of total consumer revenue, with Easy Repeat and Care Plan adoption rising across the group.
Pets At Home also confirmed expansion plans for its vet network, with 10 new practices and 15 extensions expected in FY26. Retail transactions were broadly flat, while average consumer spend increased 9.4% to £1,939. Active Pets Club members fell 6.9% to 7.69 million due to methodology changes, though this positively affected average consumer value.
The company will welcome new CEO James Bailey, formerly of Waitrose, and CFO Sarah Pollard in spring 2026. Burke said the leadership changes will help maintain momentum across four key turnaround priorities: price, product, cost, and execution, aiming to return retail to sustainable growth.
Pets At Home expects FY26 underlying pre-tax profit to be £93 million, in line with consensus, down from £133 million in FY25. The firm’s guidance and other strategic KPIs remain unchanged.