No place like Pets at Home as profits shoot up

The Cheshire-based company – the subject of a 950m buyout by private equity giant Kohlberg Kravis Roberts (KKR) in January – said underlying pre-tax profits jumped 36 per cent to 54.2m in the year to March 25.

The firm sells a host of pet food and accessories for a range of animals, including England kit dog coats now selling at a "knockout" 1 each following the nation's World Cup exit.

The company, which has 256 stores after opening 24 last year, added that like-for-like sales grew 8.8 per cent – up from 7.5 per cent for the previous 12 months.

Chief executive Matthew Davies said the company had continued its "strong momentum" throughout the year.

He said: "Despite the continued economic uncertainty, we have attracted more customers to our stores and excited them with our unique product range, outstanding customer service and value for money."

Pets at Home was founded in 1991 and bought by buyout firm Bridgepoint for 230m in 2004, before KKR added it to a portfolio of UK retail investments which include Alliance Boots and Toys R Us.

The firm now employs 4,700 staff across its retail outlets and 60 veterinary surgeries run in joint venture under the Companion Care brand.

The business is on course for further growth under its new owners after opening 10 new stores since the year end, maintaining a rate of around 20 new outlets a year.

Mr Davies added: "We remain committed to our strategy of investing for long-term growth which gives us confidence about future prospects."

n John Lewis said total sales in the week to June 26 were 13 per cent ahead of a year earlier despite warm weather across the country and the rival attraction of the World Cup.

The group, which also owns the Waitrose supermarket chain, was helped by the start of its summer sale.