UK's Pets at Home's retail business returns to growth in fourth quarter
Pets at Home's Financial Performance and Turnaround Efforts
Retail Sales Growth in the Fourth Quarter
May 27 (Reuters) - Pets at Home said on Wednesday its retail sales returned to growth in the fourth quarter and have accelerated since, as the British pet retailer's turnaround efforts win back customers.
Leadership Changes and Business Strategy
Following two profit warnings and a major leadership overhaul, the company has been working to turn its struggling retail business, as new CEO James Bailey looks to revive demand and profitability amid tighter veterinary regulations and a subdued retail market.
Retail Revenue and Demand Drivers
The company said retail consumer revenue rose 2.2% in the fourth quarter, driven by lower prices and stronger demand, while year-to-date retail sales growth accelerated to the mid-single-digit range.
Profit Decline and Veterinary Business Growth
It, however, reported a 30.2% fall in underlying pretax profit for the year ended March 26, as soft retail earnings offset strong growth in its veterinary business.
Reporting Credits
(Reporting by Nithyashree R B in Bengaluru; Editing by Rashmi Aich)
