By Andrea Figueras
Pets at Home reiterated its expectations for fiscal 2026 and said it expects current market conditions and a subdued consumer backdrop to continue.
For the year ending March, the U.K. pet-care company continues to target underlying pretax profit in the range of 115 million to 125 million pounds ($155.3 million-$168.8 million).
The first six weeks of the year have started as expected, with group profit tracking in line with guidance, it said Wednesday.
Meanwhile, the group said it plans to launch a share buyback of 25 million pounds and reported results for fiscal 2025. For the year ended March 27, it booked statutory revenue of 1.48 billion pounds, up 0.1% compared with the prior year.
Underlying pretax profit rose 0.7% on year to 133 million pounds, which came in line with the company's guidance. The result compares with company-compiled consensus in a range of 132 million to 137 million pounds.
In March, the company issued a profit warning, citing a challenging consumer backdrop and increased costs, including national insurance contributions in the U.K. In October, in her first budget as U.K. Treasury Chief, Rachel Reeves increased the national living wage and hiked employers' national insurance contributions, piling extra costs on companies.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
May 28, 2025 03:00 ET (07:00 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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