(Reuters) -Britain's Pets at Home Group said on Tuesday its third-quarter revenue fell slightly from a year earlier, hurt by weak demand for its pet accessories such as collars and bedding. British
Pets at Home Sees Slight Revenue Decline Amid Weak Product Demand
(Reuters) -Britain's Pets at Home Group said on Tuesday its third-quarter revenue fell slightly from a year earlier, hurt by weak demand for its pet accessories such as collars and bedding.
British retailers have been grappling with waning demand as consumers limit discretionary spending. Adding to their woes are rising labour costs from higher social security contributions and minimum wages, which have fuelled concerns about price hikes and job cuts.
Analysts have also suggested that rising costs and a reevaluation of financial commitments might be prompting consumers to reconsider adding new pets to their households.
Pets at Home, which also offers grooming and veterinary services, said it expects non-underlying costs of 11 million pounds in fiscal 2025 from exiting its distribution centre in Northampton. However, it left its annual guidance for underlying profit before tax unchanged.
The retailer reported group revenue of 361.6 million pounds ($449.21 million) for the quarter ended Jan. 2, compared with 362.4 million pounds in the same period of fiscal year 2024.
(Reporting by Raechel Thankam Job; Editing by Subhranshu Sahu)
