UK's Pets At Home raises annual profit forecast for third time – Reuters

Pets

A pet groomer tends to a dog at The Groom Room, at Pets at Home in Milton Keynes, following the outbreak of the coronavirus disease (COVID-19), Milton Keynes, Britain, June 8, 2020. REUTERS/Andrew Boyers
Feb 26 (Reuters) – Britain's Pets At Home (PETSP.L) 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.
($1 = 0.7180 pounds)
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British retailer WH Smith said on Wednesday its revenue in the third quarter beat pre-pandemic levels for the first time as more people travel to work and tourists return.
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