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Pets at Home shares sink 9% on 'disappointing' results Pets at Home shares sink 9% on 'disappointing' results
(about 1 hour later)
Shares in pet superstore Pets at Home fell after the company said some sales figures were "weaker" than expected.Shares in pet superstore Pets at Home fell after the company said some sales figures were "weaker" than expected.
The shares fell 9%, the steepest fall since it floated in London last year.The shares fell 9%, the steepest fall since it floated in London last year.
First-half sales for stores open at least a year rose 1.8%, led by specialist pet food sales and grooming.First-half sales for stores open at least a year rose 1.8%, led by specialist pet food sales and grooming.
"Trading in parts of the business has been weaker than expected," chief executive Nick Wood said. "Our full year profit outlook is broadly in line with market expectations.""Trading in parts of the business has been weaker than expected," chief executive Nick Wood said. "Our full year profit outlook is broadly in line with market expectations."
Another difficult area was "continuing seasonal challenge to health & hygiene products".
Analysts at broker Liberum called the results "disappointing".Analysts at broker Liberum called the results "disappointing".
Total sales rose 6% to £404.5m, the company said in a statement.Total sales rose 6% to £404.5m, the company said in a statement.
In a year's time, the firm will have 408 stores, up from 385.In a year's time, the firm will have 408 stores, up from 385.
The fastest-growing part of the business is the services business where revenues rose 26.2% to £41.9m.
Fee income from joint venture veterinary practices rose 20.7% to £18.4m and the firm saw a "good performance" from NorthWest Surgeons, its specialist referral hospital.
It said 300,000 members joined its loyalty club during the quarter, taking membership to 3.9 million.