January 23, 2018 / 8:43 AM / a month ago

Pets at Home shares surge on third-quarter revenue jump

(Reuters) - Shares of Pets at Home Group (PETSP.L) surged nearly 9 percent on Tuesday morning after the UK’s largest pet shop chain reported a jump in third-quarter revenue on strong demand for its products during Christmas.

Pets at Home, which has 452 stores across the UK with brands such as Vets4Pets and The Groom Room, kept its full-year guidance unchanged.

    Revenue rose 9.6 percent to 223.3 million pounds during the quarter ended Jan. 4, aided by higher merchandise revenue that grew 9 percent and services revenue that rose 13.6 percent.

    The company has banked on continued demand for animal nutrition products, veterinary treatments and a growing market for pet grooming services.

    Shares of the company was up 7.9 percent at 0835 GMT, after rising as much as 8.7 percent at London market open.

    Reporting By Justin George Varghese in Bengaluru; Editing by Gopakumar Warrier

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