Pets at Home cuts next year’s profit guidance as costs increase

Pets at Home has slashed its profit guidance for the upcoming financial year as it prepares for a hike in costs stemming from the Budget.
The pet specialist warned it faces a £30m increase in costs arising from changes to employers’ National Insurance contributions, new packaging regulations and the rebuild of variable pay.
It said its ability to mitigate cost inflation depends “on the rate of sales growth we are able to deliver, which is dependent on how consumer demand evolve