Pets At Home eyes ‘urgent’ cost-saving measures as retail profits plunge
Major UK retailer issues stark warning over its future
- Pets at Home reported a significant drop in half-year profits, falling by over a third to £36.2 million.
- The company's retail business saw underlying profits plummet by 84.1 per cent, largely offsetting a resilient performance from its vet division.
- Interim executive chairman Ian Burke outlined an "urgent and necessary" retail revival plan focusing on product, price, execution, and cost.
- A key part of the retail revival plan involves cost-cutting initiatives aimed at reducing overheads by approximately £20 million.
- Despite a fall in retail consumer sales, the vet business saw sales lift by 6.7 per cent, with the company maintaining its recently lowered annual profit expectations.