Pets At Home CEO Pritchard to step down after 4 years, shares drop – Reuters

Nov 3 (Reuters) – Britain's Pets At Home Group Plc (PETSP.L) said on Wednesday Chief Executive Officer Peter Pritchard had agreed to step down next summer, while the pet supplies retailer also forecast annual profit to be at the top end of analysts' expectations.
Work-from-home policies and successive lockdowns in Britain led to a surge in animal adoptions which boosted the London-listed company, and during Pritchard's tenure, the company posted its first ever billion-pound ($1.36 billion) annual retail sales in May.
Pritchard, who will stay in the role until May 2022, has been crucial to the company's turnaround and development of its strategy. The news of the management change sent Pets At Home shares nearly 3% lower to 485.8 pence in early trade.
"Having completed everything that I set out to achieve in 2018, next summer is the right time to take well-earned rest and to hand over the reins to a new leader," Pritchard said in a statement.
Pets At Home, which also offers grooming and veterinary services, and insurance products, said the pet market in the country had remained robust and the trend had run into the first-half even as pandemic restrictions are eased.
For the fiscal year to March 2022, analysts are expecting pre-tax profit between 128 million pounds and 135 million pounds, Pets At Home said.
A search for a successor to Pritchard had started, Pets At Home added.
Analysts at Liberum said they expect the company to be able to attract a new, "high quality" CEO after Pritchard "leaves the group better positioned than ever".
($1 = 0.7344 pounds)
Our Standards: The Thomson Reuters Trust Principles.
How humanity confronts climate change may come down to the intentions behind two words.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

source

Leave a Reply

Your email address will not be published. Required fields are marked *

Prev
STF Mag Feature: The African Internet Connectivity Journey Is On Its Path To Global Economic Success – SubTel Forum

STF Mag Feature: The African Internet Connectivity Journey Is On Its Path To Global Economic Success – SubTel Forum

source

Next
Mr Happy Face wins the World's Ugliest Dog competition 2022 – what breed is he? – NationalWorld

Mr Happy Face wins the World's Ugliest Dog competition 2022 – what breed is he? – NationalWorld

Who is the richest person in the world?

You May Also Like