Pets at Home has said it intends to open a further 40 stores over the next three years.
In its preliminary results for the year ending 30 March 2023, the pets and vets business said it had made record sales over the year, with revenue exceeding £1.4bn. Profit was marginally down on the previous year, at £136.4m, owing to rising costs.
The retailer, which currently has 461 stores across the UK, said that it would focus on “investment behind our physical assets, with a medium-term opportunity for 40 new stores”, as well as its ongoing store refresh programme.
It added that its programme of rent reductions was “progressing well”, with rents dropping by an average of 20% after renegotiation at lease events.
Its cashflow for the year included £22m in lease-related incentives, made up of £12.4m of cash contributions from landlords and £9.6m from its share of development profits on disposal.
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
Discover which agents have been most active in the UK’s regional retail markets so far this year >>
