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Pets At Home Group PLC on Tuesday raised its annual profit guidance it reported a quarterly profit hike on ‘record’ consumer numbers. Shares were up 10% at 366.00 pence each on Tuesday morning in London, the best FTSE 250 performer. The Handforth, England-based pet supplies retailer said that consumer-facing revenue in its financial third quarter to January 5 climbed 9% year-on-year, with growth underpinned by a record number of consumers and volume growth. Consumer revenue was up 30% compared to pre-pandemic levels. Total revenue increased by 8.8% in the quarter to £347.5 million from £319.4 million a year ago, with like-for-like revenue up 8.3%. Vet Group revenue was up by 18% on both a total and like-for-like basis. Pets at Home noted a resilient gross margin performance, in line with management expectations. Looking ahead, the pet supplies retailer now expects pretax profit to be at the upper end of the current market consensus range of between £126 million and £136 million. Previously, the company had guided pretax profit of around £131 million. Chief Executive Officer Lyssa McGowan said: ‘We delivered a really pleasing Q3 with acceleration in sales momentum across the platform. Importantly, the quality of our growth remains strong as we continue to grow volumes and attract new consumers through offering compelling value and service, in what remains a challenging inflationary environment.’ Back in November, the company had reported a 19% fall in pretax profit to £53.4 million in the six months ended on October 13 from £65.7 million a year before, despite revenue climbing by 7.3% to £727.2 million from £677.6 million. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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