Pets at Home has reported an 8 percent increase in revenue and a £70 million increase in pretax profits for the 2016-17 financial year.
The British pet retailer reported sales of more than £1.75 billion, or 6.4 percent higher than in the previous year. It also said it remained on track to reach sales of £2 billion by the end of the current financial year.
The FTSE 250 listed group’s stores, which include Pets at Home and Woofgoods outlets, have reported comparable sales growth of 5.4 percent. It operates 140 UK stores and 2,322 products, including a network of Wag & Blue stores in Western Europe.
Pets at Home said its higher revenue and profits had been boosted by a buoyant High Street and surging demand for pets in the United States, where it now has 355 stores in 28 states.
The retail group said it “remains confident” of continuing to deliver the “strong growth trajectory” it achieved during the year.
Pets at Home has announced a dividend of 20.6 pence per share. This is up on 18.3 pence the previous year.
Total Group sales were up 7.8 percent in the period. The group’s online sales growth also continued with increased revenues of 10.3 percent. Pets at Home said in its results that it was setting up a warehouse to benefit from its UK internet operations. It said customers were purchasing more products and food online.
The pet retailer also said it was working to improve the relationship with customers and improve the quality of customer service, after complaints about excessive wait times in its stores. It said its growth was due to improved offer.
It also revealed it opened four shops and closed one during the year. It said it expanded into a new store location in London’s West End on Regent Street, and during the year it also opened a number of Wag & Blue stores in France and Spain.