Russ Mould, investment director at AJ Bell, said: “Britons may love their pets, but times are hard, and they’re also going to try and seek out the best deals and cut back on nice-to-haves like treats and toys.
“That’s hurting Pets at Home’s retail business, which faces strong competition from non-specialist retailers like supermarkets.
“These struggles saw CEO Lyssa McGowan depart as the company warned on profit back in September.
“Things haven’t got any better since and now her interim replacement – executive chair Ian Burke – is launching a restructuring to move Pets at Home from mangy mutt to pedigree pooch in the eyes of the market.
“This includes ‘investing’ in price cuts, refreshing product ranges and taking out costs.
“Whether this proves enough in an environment where people have less to spend on their feathered and furry friends remains to be seen.
“The one positive area for Pets at Home has been its veterinary arm, which has grown rapidly in recent years, but this is not enough to make up for the failings in the core retail business.
“The company is fast running out of time to whippet itself into shape.”
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