Company executive departs from Pets at Home, following profit forecasts fall
Pets at Home Announces Changes and Profit Warnings
In a significant development, pet retail giant Pets at Home has revealed plans for expansion and restructuring, as well as a profit warning for the second time this year.
The company, known for its extensive network of pet stores and veterinary practices, intends to open ten new vet practices during the current financial year. Additionally, Pets at Home has announced plans to extend 15 existing sites, aiming to strengthen its presence in the stock market.
However, the pet market, according to the company, remains subdued. Sales at Pets at Home stores are down 5% so far this year, reflecting the current stock market today conditions. As a result, the company has downgraded its profit forecast for the 2025-26 financial year to between £90million and £100million, a significant drop from previous expectations.
In a related development, Pets at Home has announced the sudden departure of its CEO, Lyssa McGowan. Ms. McGowan, who took over at Pets at Home in 2022, was made an OBE in June for her services to retail. The company issued a statement thanking her for her commitment to leading the business.
A search for her successor is now underway at Pets at Home, but the successor has not yet been identified. In the interim, Ian Burke has taken on the role of executive chairman at Pets at Home.
The news of Ms. McGowan's departure and the profit warnings have had a significant impact on Pets at Home's shares. Shares of the company fell 23% in early trading, wiping £240million off its value.
It's important to note that no new facts were provided about the pandemic pet boom or its impact on Pets at Home. The company has not yet announced a permanent successor for Ms. McGowan, and the search for a new CEO is ongoing.
