Pets at Home (PETS LN, HOLD, T/P 185p) - 3Q IMS | Encouraging on sales as price re-positioning (down) spreads
Merchandise LFLs of +6.8% slightly ahead of 2Q rate against weaker comparative benefiting from price investment and 77% growth of online (c half of the merchandise LFL), Services LFL +10.1%. Full year guidance elements unchanged. We expect small (1-2%) upward revisions to 3/18E PBT consensus today.Pets at Home Group is a holding company. Co. is engaged in providing pet food, pet related products and accessories. Co. is also the operator of a small animal veterinary business, specialist veterinary referral hospitals and pet grooming salons. Co. operates a dog focused store, Barkers, which provides products and services targeted for dog. Co.'s merchandise segment comprises food and accessories for a range of pets. Co.'s services segment provides First opinion veterinary practice services, Specialist referral veterinary, center services, Grooming salons, Insurance, and pets. As of Mar 31 2017, Co. had 434 Pets at Home Superstores, 290 grooming salons, and 438 vet practices.
Whitman Howard is an independent institutional stockbroking and investment banking business focused on servicing the needs of our corporate clients and institutional investor base.
The company began trading in 2011 with a team of highly experienced market professionals and the goal of building a leading capital markets business in an entrepreneurial environment.
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