Shares in Pets At Home (LON:PETS) have surged in the Friday morning session after the company reported a 1% fall in its first-quarter revenue, which was better than expected, while also stating that they have seen heightened demand for pet ownership.
The pet care company also stated that the number of its active VIP members grew 20.3% in the quarter to 5.7 million, with the number of those VIPs who are purchasing both products and services increased 8.5% for the quarter YoY.
After the report, the company's share price shot higher and is currently trading at 289.8p, up 13.02% at 10:34 am BST.
Pets At Home Group Chief Executive Officer, Peter Pritchard said: In spite of the rapid, wide-ranging and devastating effects of the pandemic, we have remained open for our customers throughout the period and we are emerging as a stronger business. The inherent resilience in our pet care model and the underlying pet care market, as well as encouraging signs of increased pet ownership, all underpin our confidence in seizing the future and progressing specific, strategic priorities.”
He continued by saying that “while much has changed, and continues to do so, we remain confident in the long-term sustainability of our pet care business, where the love of pets and the role that they play in our lives is only increasing.”
The company stated that coronavirus related costs will remain elevated and that it is difficult to make a clear assessment of its near-term outlook.