Following today’s release of Pets at Home’s figures for the three months ending 1 January 2026; Emily Scott, associate retail analyst at GlobalData, a leading data and analytics company, offers her view: “Pets at Home’s Q3 results reveal a retailer still lacking momentum, though signs of greater stability are emerging. Pets at Home has delivered positive retail volume growth in food and accessories in Q3, and anticipates to deliver on profits for the full year, all of which has contributed to a rise in share price of 5% this morning. Headline stability continues to be underpinned by service strength, leaving the group still reliant on vet and subscription resilience to offset ongoing weakness in stores. Appointing former Waitrose Managing Director James Bailey as CEO, effective March 2026, signals a clear acknowledgement that Pets at Home needs fresh strategic leadership to effectively execute its Retail Turnaround Plan.
“Despite isolated retail volume growth this quarter, retail remains Pets at Home’s clearest area of weakness. Total retail transactions were flat and retail consumer revenue fell 1.1%, pointing to softening spend per visit as the retailer leans on discounts to win back customer loyalty. The volume gains across its food and accessories ranges were largely driven by reductions of over 12% on more than 1,000 items. ‘Pets Club’ memberships fell by 6.9% as shoppers gravitated towards more convenient online options, like Tail’s, which deliver custom-made dog food directly to customers’ doorsteps. Pets at Home has the foundations of a strong loyalty and retention model through its Easy Repeat subscription service, but the retailer must promote the convenience of this service to drive higher adoption, as only 5% of Pets Club members have an Easy Repeat subscription.
“The Vet Group remains the bright spot, with consumer revenue up 5.0%, supported by higher transaction values and Care Plan growth, reinforcing the ongoing story that services are carrying the group while retail drifts. Pets at Home intends to deliver 10 new practices and 15 vet extensions in FY2026; however, the retailer cannot rely indefinitely on Vet momentum alone.”
