UK's Pets At Home raises annual profit forecast for third time
Reuters
Published Feb 26, 2021 07:49
(Reuters) - Britain's Pets At Home on Friday lifted its annual underlying pre-tax profit forecast for the third time in six months, boosted by surging demand for all its products as people turned to pets for comfort during the COVID-19 pandemic.
The company, which was able to keep its shops open during the latest lockdown in Britain, forecast full-year underlying pretax profit of about 85 million pounds ($118.39 million), ahead of its earlier outlook of at least 77 million pounds.
Recent progress around the roll-out of COVID-19 vaccines has also helped reduce the level of uncertainty ahead, said the pet supplies retailer which has benefited from a surge in pet adoptions during lockdowns.
The company, which operates 451 retail stores offering pet grooming services and insurance products, has been doing well throughout the pandemic, starting in March when its sales were lifted by lockdown-led stockpiling.
Pets At Home posted a surge in third-quarter sales last month, helped by its retail and veterinary operations as well as demand for toys and accessories over Christmas and Black Friday.
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Written By: Reuters
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