The Pets at Home boss, Lyssa McGowan, has been in charge for only six months. Her first task? Convince the market that profit growth will speed up again next year in the face of inflated operating costs and dwindling consumer spending.
The retailer has been hit by higher freight and energy costs and a slowdown in sales growth, which boomed during lockdown as customers splurged spare cash on pets. Adjusted profits over the 28 weeks to October 13 fell 9 per cent to £59.2 million, which means the company is banking on trading during the second half doing the heavy lifting to hit guidance for pre-tax profits of £131 million.
Pets at Home was a pandemic-era winner, priced for racy growth. Investors have become more
