Weaker demand for discretionary toys and treats and an ongoing vet industry investigation by the CMA (Competition & Markets Authority), driven by concerns market consolidation has led to pet owners being overcharged for medicines and prescriptions, have kept Pets at Home’s (PETS) shares on a tight leash this past year.

Having previously expressed ‘disappointment’ over the CMA probe, the UK pet care leader failed to mention the investigation in its first quarter trading statement (1 August) and will likely remain tight-lipped when it reports first half results on 27 November.

As such, investors’ focus will be on Pets at Home’s like-for-like sales performance, which the FTSE 250 firm expects to improve in future quarters as comparatives ease and it sees the benefits of strong product availability and its new digital platform, as well as any updates on its cost efficiency drive and £25 million share buyback.

On 1 August, the dog food, poop bags and cat litter purveyor reported what it described as a ‘resilient’ start to the year to March 2025. The vets business delivered 13.3% like-for-like growth for the first quarter to 18 July, while consumer revenue was up 1.5% to £577 million driven by growing average customer spend and growth in active Pets Club members. Retail like-for-like revenues were down 0.8% due to tough prior year comparatives and a tricky consumer backdrop, but growth improved through the quarter there was relief as Pets at Home reiterated full year 2025 guidance for underlying pre-tax profit of £144 million. 

UK UPDATES OVER THE NEXT 7 DAYS

26 Nov: Compass, Essensys, Renew Holdings, Topps Tiles

27 Nov: Auction Technology, EasyJet, Focusrite

INTERIM RESULTS

22 Nov: Montanaro UK Smaller Companies, Workspace

26 Nov: Accsys, AO World, Cranswick, De La Rue, FD Technologies, Halfords, Helical, IG Design, LondonMetric, Sosandar, Supreme, Telecom Plus, Victoria 

27 Nov: Iomart, Johnson Matthey, Motorpoint, Pets at Home

28 Nov: Loungers, Pennon, TR Property

TRADING UPDATES

25 Nov: Kingfisher

26 Nov: Hill & Smith, Intertek, Safestore, Seraphim Space Investment Trust

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