UK pets franchise reports earnings spike
British pet superstore chain Pets at Home today unveiled plans for more than a dozen new stores this year, as it reported a 45% hike in earnings.
The Cheshire-based firm, which runs 162 stores and employs about 2,500 people, said it was planning to open 17 outlets in the next financial year.
The privately-owned group said it increased pre-tax earnings before interest, goodwill and depreciation to £34.1m (€50.1m) from £24m (€35.3m) in the year to March 31.
It said new ranges, development of own-label food products and better sourcing, particularly from the Far East, helped it boost like-for-like sales by more than 12% during the year and turnover by 19% to £260m (€382m).
In July last year, private equity group Bridgepoint bought the firm for £230m (€338m) after minority shareholders 3i and ICG decided to sell their stakes.
Anthony Preston, who founded the business and whose family previously had a controlling stake, retained an undisclosed stake.
The company, which sells pet foods and accessories, began life in 1991 with a single store in Chester.
It then expanded throughout the 1990s to 60 stores before buying PetSmart, then its largest UK rival, in 1999. It opened 12 stores last year.
Chief executive Matt Davies said: “Since the buyout last year, we have concentrated on customer service, product range and stock availability.”
