Highlights

  • Group consumer revenue increased by 0.8% to GBP 472m during Q3 FY26.
  • Vet Group consumer revenue rose 5.0%, driven by Care Plan revenues and transaction values.
  • Retail consumer revenue declined 1.1%, with online channel maintaining double-digit growth.

Pets at Home Group Plc (LSE:PATS) reported trading results for the 12-week period ending 1 January 2026. Group consumer revenue grew 0.8% to GBP 472m, supported by solid performance in the Vet business and a gradual improvement in retail operations. Total statutory revenue fell 1.0% to GBP 358m, while like-for-like revenue decreased 0.7%. The group continues to monitor customer activity and underlying revenue drivers closely.

Retail Performance and Online Growth
Retail consumer revenue declined 1.1% in Q3, despite positive volume growth in food and accessories. The company noted a sequential improvement in retail performance during the quarter, supported by investments in relative price positioning, including reducing prices on over 1,000 products by an average of 12%.

Online sales remained the fastest-growing channel, delivering low-teens percentage growth throughout the quarter. Retail transactions were broadly flat, seen as a key indicator of customer engagement. Pets Club membership fell 6.9% to 7.6m due to a methodology change in tracking members, which also contributed to a corresponding increase in Average Consumer Value.

Vet Business and Subscription Revenue
The Vet Group posted a 5.0% increase in consumer revenue, in line with expectations. Expansion plans remain on track, with 10 new practices and 15 vet extensions planned for FY26. Subscription-based sales continued to grow, representing 15.0% of total consumer revenue. Currently, 5% of Pets Club members are on the Easy Repeat subscription, while over half of Vet clients hold a Care Plan.

Consumer Metrics and Operational Indicators
Average Consumer Value (ACV) rose 9.4% year-on-year to GBP 1,939. Retail consumer satisfaction improved by three points compared to Q3 FY25, reflecting better value for money, colleague service, and product availability. Clinical full-time equivalent headcount increased 3.3% to 3.6k, supporting the Vet business and expansion efforts.

Outlook
Trading in Q3 fell within the company’s expectations. Pets at Home expects FY26 underlying profit before tax (PBT) to be in line with current market consensus of GBP 93m, within a range of GBP 90-97m. All other guidance remains unchanged from the interim announcement. The next scheduled update is the pre-close statement, expected toward the end of March 2026.

Share performance
PATS shares raise 6.09% to GBX 212.60 at time of writing on January 28, 2026.