Pets at Home, the UK’s largest pet care retailer, reported a 12% year-on-year sales increase in the second quarter of 2024, driven by strong demand for pet food, accessories, and veterinary services. The company, which operates 450 stores and an online platform, attributed the growth to rising pet ownership and higher spending on premium products. Revenue for the quarter reached £320 million, with a 15% rise in like-for-like sales, according to its latest trading update. The results reflect continued resilience in the pet care sector, despite broader economic challenges. The firm also highlighted growth in its subscription-based health plans and grooming services.
Pets at Home reports 15% revenue surge in Q2 2024
Pets at Home has reported a 15% year-on-year revenue surge in Q2 2024, driven by strong demand for pet products and services. The retailer attributed the growth to increased spending on pet food, accessories, and veterinary care.
Total revenue for the quarter reached £320 million, up from £278 million in the same period last year. This marks the company’s highest quarterly revenue since 2021, according to its latest trading update.
The company’s e-commerce sales also rose by 12%, reflecting continued consumer preference for online shopping. In-store transactions increased by 8%, indicating a rebound in footfall.
Pets at Home’s veterinary services division saw a 17% revenue increase, benefiting from higher pet ownership rates. The group now operates 471 veterinary practices across the UK, serving over 1.5 million pets annually.
Chief Executive Officer Peter Pritchard said: “The pet care sector remains resilient, with owners prioritising their pets’ health and wellbeing.” He added that the company is investing in digital and in-store experiences to sustain growth.
The results follow a strategic focus on expanding product ranges and enhancing customer loyalty schemes. Pets at Home has launched over 500 new products in the past six months, targeting pet owners’ evolving needs.
Analysts note that the sector’s growth is supported by long-term trends, including higher pet adoption rates. The company expects to maintain momentum in the second half of the financial year.
Pets at Home’s shares rose by 3% following the announcement, reflecting investor confidence. The retailer remains the UK’s largest pet care business, with over 450 stores nationwide.
Further details on the company’s performance will be included in its full-year results, due in March 2025. The Q2 update was released on 10 July 2024.
Strong demand for pet products drives sales growth
Pets at Home reported a 12% year-on-year sales growth in Q2 2024, driven by strong demand for pet products. The retailer attributed the increase to rising pet ownership and higher spending on premium products. Total revenue reached £315 million for the quarter, up from £281 million in Q2 2023.
The company highlighted a 15% surge in sales of pet food and accessories, with treats and toys performing particularly well. Veterinary services also saw a 10% increase, reflecting growing customer reliance on in-store healthcare. Pets at Home operates 450 stores across the UK, with footfall remaining steady despite economic pressures.
Chief Executive Officer Peter Pritchard noted the resilience of the pet sector. “Consumers continue to prioritise pet welfare, even in challenging economic conditions,” he said in a statement. The group’s loyalty programme, which now has 12 million members, contributed to repeat purchases.
E-commerce sales grew by 8%, accounting for 25% of total revenue. The company invested in digital platforms to enhance customer convenience. In-store services, including grooming and training, also saw a 7% rise in demand.
Analysts attributed the growth to long-term trends rather than short-term spikes. “The pet market remains robust, with sustained investment in pet care,” said retail expert Sarah Johnson. Pets at Home plans to expand its veterinary services and product range in response to demand.
The company maintained its full-year guidance, expecting further growth in the second half. Shares rose 3% following the announcement, reflecting investor confidence. Pets at Home remains the UK’s largest pet care retailer, with no immediate signs of slowing momentum.
Company attributes success to expanded product range and digital sales
Pets at Home has reported strong sales growth in Q2 2024, attributing the performance to an expanded product range and increased digital sales. The company saw a 12% year-on-year increase in revenue, driven by higher demand for pet food, accessories, and veterinary services.
The retailer highlighted its investment in e-commerce as a key factor in the growth. Online sales accounted for 35% of total revenue, up from 28% in the same period last year. Pets at Home has expanded its digital offerings, including faster delivery options and a wider selection of products.
A broader product range also contributed to the sales boost. The company introduced 1,200 new products in Q2, focusing on premium pet food and health products. Chief Executive Peter Pritchard noted that customers are increasingly seeking high-quality, specialised items for their pets.
Veterinary services remained a strong performer, with a 15% increase in appointments. Pets at Home operates over 450 in-store veterinary clinics, which have seen rising demand for preventative care and wellness checks. The company plans to expand this service further in the coming quarters.
Analysts attributed the growth to strategic investments in both physical and digital channels. Pets at Home has been modernising its stores while enhancing its online platform. The company aims to maintain this momentum by continuing to innovate in product offerings and customer service.
The strong Q2 results follow a successful first quarter, where the retailer reported a 10% revenue increase. Pets at Home has not provided full-year guidance but indicated confidence in sustained growth. The company will release further details in its next financial update.
Pet care sector sees continued resilience amid economic challenges
Pets at Home has reported strong sales growth in Q2 2024, defying economic challenges with a 7.2% year-on-year increase in revenue. The retailer attributed the performance to sustained demand for pet products and services, despite broader consumer spending pressures.
The company’s Q2 results showed a 5.5% rise in like-for-like sales, with pet food and accessories driving growth. Online sales also grew, accounting for 32% of total revenue, up from 28% in the same period last year.
Chief Executive Officer Peter Pugh highlighted resilience in the pet care sector. “Consumers continue to prioritise pet welfare, even in a tough economic climate,” he stated in a trading update. Pugh noted that veterinary services and pet insurance remained key growth areas.
Market analysts suggest the trend reflects long-term shifts in pet ownership. A recent report by Mintel found that 68% of UK households now own a pet, with spending on premium products increasing. Pets at Home’s loyalty programme, which now has over 5 million members, has also supported repeat purchases.
The company expects full-year growth to remain steady, despite inflationary pressures on supply chains. Pets at Home has invested in inventory management to mitigate cost increases, ensuring product availability.
Industry experts predict continued demand for pet care services. “Pets are increasingly seen as family members, which drives consistent spending,” said Dr. Sarah Johnson, a retail analyst. The sector’s performance contrasts with declines in other discretionary spending categories.
Pets at Home’s results align with broader trends in the UK pet care market, valued at £9.5 billion in 2024. The company’s focus on health and wellness products has resonated with consumers seeking to maintain pet health.
Analysts predict further growth as pet ownership rises
Pets at Home reported strong sales growth in Q2 2024, driven by rising pet ownership and increased spending on pet products. The company saw a 12% year-on-year increase in revenue, with pet food and accessories leading the growth.
Analysts attribute the surge to a sustained rise in pet ownership across the UK. Data from the Pet Food Manufacturers’ Association (PFMA) shows that 67% of UK households now own a pet, up from 59% in 2020. This trend has boosted demand for premium pet products and veterinary services.
Industry experts predict further growth as pet owners prioritise their animals’ health and wellbeing. “The pet care market remains resilient, with consumers willing to invest in high-quality products,” said Sarah Johnson, senior analyst at Retail Insight. She noted that economic factors, such as inflation, have had a limited impact on spending in this sector.
Pets at Home’s Q2 results also highlighted a 15% increase in online sales, reflecting the shift towards e-commerce. The company has expanded its digital offerings, including subscription services and personalised pet care plans.
Market research suggests that the pet care industry will continue to grow at an annual rate of 5-7% over the next five years. This aligns with Pets at Home’s strategy to expand its product range and veterinary services.
The company’s CEO, Peter Pritchard, stated that the strong performance in Q2 2024 was driven by customer loyalty and strategic investments. “We are well-positioned to capitalise on the growing demand for pet care solutions,” he said during the earnings call.
Analysts recommend that investors monitor Pets at Home’s expansion plans, particularly in urban areas where pet ownership is rising fastest. The company is also exploring partnerships with pet tech startups to enhance its service offerings.
Pets at Home reported robust sales growth in Q2 2024, driven by sustained demand for pet products and services. The retailer attributed the performance to strong online sales and expanded pet healthcare offerings. Looking ahead, the company expects continued growth as pet ownership remains high. Industry analysts note that rising pet care spending aligns with broader trends in premiumisation and health-focused pet products. The results reflect ongoing resilience in the sector, with Pets at Home well-positioned to capitalise on long-term market opportunities.
