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Pet market is labelled "resilient", as Pets at Home enjoy increase in sales and profit

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Pet market is labelled "resilient", as Pets at Home enjoy increase in sales and profit

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Pets at Home have enjoyed an increase in retail sales and profit over the past year, with the retailer's boss describing the pet market as being "resilient" in comparison to retail in general.

Retail figures show that during the first 53 weeks of the year to 31st March, statutory pre-tax profits rose 3.7% to £92.1m, and total sales were £793m, having increased by 6.7%.

Like-for-likes experienced a 2.1% rise, increasing by 10% within the services division, which encompasses grooming and vet services.

Furthermore, the pet chain retailer has also been trialling a convenience store, Whiskers 'n Paws, and a dog-only store called Barkers.

Chief executive Ian Kellett, who began working with Pets at Home in March after replacing Nick Wood, said it was “another year of good progress... The pet market has proved over time to be more resilient than general retail, so while consumer confidence may be more fragile, we believe our drive to become more specialist and most loved by customers will deliver further progress.”

Pets at Home said that their margins will be affected by the national living wage and "weaker" sterling, but predicts that the continued growth of their services business will counteract this. The retailer also reported that trading to date in its first quarter is as they expected.

As Pets at Home's success story demonstrates, competition within the retail sector remains fierce.

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