Festive slowdown takes bite out of Pets at Home as it warns of worsening consumer confidence
Festive slowdown takes bite out of Pets at Home as it warns of worsening consumer confidence
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Pets At Home’s retail business suffered over the Christmas months as it warned of worsening consumer confidence. The pet product giant said it saw a ‘more challenging UK consumer backdrop with particularly weak footfall from October’. The retail sector has taken a hit in recent months, as gloomy predictions about the economy have made people less willing to spend.
Meanwhile, Labour’s decision to increase companies’ National Insurance contributions is set to hit the industry harder than most because of its reliance on lower paid workers such as shop-floor staff. Revenue across Pets At Home’s retail business fell 0.2 per cent over the three months to January 2 compared with the previous year.
Adam Vettese of investment firm eToro said: ‘It’s fair to say it isn’t the easiest time to be a UK retailer, with potentially huge employment cost increases looming, and Pets At Home is no exception.’. Paw performance: Pets at Home said it saw a ‘more challenging UK consumer backdrop with particularly weak footfall from October’.
