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Pets at Home Shares Surged 11.5% Today, Here’s Why

Practice Stock Trading
Updated: 24 September 2020

Shares of Pets at Home Group PLC (LON: PETS) today surged 11.5% after the company announced that its full-year pretax profits would beat analysts consensus estimates of £73 million.

The company, which sells pet care products, revealed that demand for its products had picked up substantially in the summer and had not abated up to now.

According to its trading update, the company had generated double-digit growth in like-for-like sales during the eight weeks ended on September 10.

The company said that: “We continue to benefit from the adaptability of our operations to changes in customer behaviour and preferences, our continuing investment in omnichannel capacity and customer acquisition channels, and the clear advantages of our unique owner-managed First Opinion veterinary model.”

However, the company is worried about a potential second lockdown that could affect its business operations negatively.

Pets at Home share price

Tradingview chart of Pets at Home share price 24092020

Pets at Home shares today surged 11.5% to trade at 340.4p having rallied from Wednesday’s closing price of 305.2p.

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