US EditionPublished • loading... • Updated
UK's Pets at Home launches retail turnaround drive after profit drop
Pets at Home's retail profits fell 84.1% in the half-year, triggering a turnaround plan focused on product, price, execution, and cost to stabilize the business.
- On October 9, Pets at Home reported retail underlying profits fell 84.1% to 3.5 million, dragging group profits down 33.5% to 36.2 million.
- By contrast, retail consumer sales fell 2.3%, accessories dropped 5.9%, and food declined 0.3%, while the Pets at Home vet business lifted sales 6.7% and profits rose 8.3% to 44.9 million.
- As part of the revival, management said they implemented the retail turnaround plan with four priorities and aimed to reduce overheads by around 90 million, developing a leaner store operating model.
- Meanwhile, the board said it maintains annual guidance of underlying pre‑tax profits �90 million to �100 million, while the search for a new chief executive is progressing and Ian Burke, interim executive chairman, returns to retail roots.
- Operationally, the company has implemented a leaner store operating model earlier this year with actions across buying operations, store leases, and distribution automation, while management said urgent cost optimisation efforts are needed.
Insights by Ground AI
13 Articles
13 Articles
UK's Pets at Home launches retail turnaround drive after profit drop
Britain's Pets at Home launched a turnaround plan for its retail business on Wednesday, looking to fix product ranges and cut costs after missed opportunities in premium pet food and "self-inflicted" problems in accessories.
·United Kingdom
Read Full Article
Coverage Details
Total News Sources13
Leaning Left2Leaning Right1Center7Last UpdatedBias Distribution70% Center
Bias Distribution
- 70% of the sources are Center
70% Center
L 20%
C 70%
Factuality
To view factuality data please Upgrade to Premium
