StockMarketWire.com - Pet goods retailer and veterinary chain Pets at Home said it expected its annual profit to be slightly above current market expectations after its revenue grew by almost 10% in the first quarter.

Revenue for the 16 weeks through 18 July rose 9.9% to £303.4m, and included growth of 8.7% in the retail division and 19% in the veterinary division.

On a like-for-like basis, revenue rose 8.0%.

The rise in profit guidance reflected good transaction and cash growth in retail, particularly in food and omnichannel.

'The momentum with which we exited the 2019 financial year has continued into the first quarter of the 2020 financial year,' chief executive Peter Pritchard said.

'At this early stage in the year, and with ongoing uncertainty across the wider retail sector, we remain cautiously optimistic and focused on delivering our pet care strategy.'





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