Animals

Pets At Home’s half-year profit is falling while freight and energy costs are rising

Nov 23 (Reuters) – Pets At Home (PETSP.L), the UK’s largest pet supplies retailer, reported lower first-half profits on Wednesday, hurt by a rise in freight and energy costs amid rising inflation .

The company, which also offers grooming and veterinary services, said underlying profit before tax for the six months ended October 13 fell 9.3% to £59.2 million ($70.37 million).

“In a challenging macro environment, the pet care industry continues to grow across all channels, and we have continued to gain new customers at an impressive pace, setting new customer records in recent months,” said Chief Executive Officer Lyssa McGowan.

Pet buying and adoption, which surged during the pandemic, with pet parents spending more time at home, has not cooled despite a rising cost of living crisis in Britain that shows no signs of easing. But the demand for more expensive accessories seems to be declining.

Founded by British businessman Anthony Preston in 1991, the company maintained its annual guidance.

($1 = 0.8413 pounds)

Reporting by Radhika Anilkumar in Bengaluru; Edited by Rashmi Aich

Our Standards: The Thomson Reuters Principles of Trust.

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