Pets at Home issues profit warning on 'subdued' retail as CEO exits
Pets at Home Group PLC on Thursday lowered profit guidance as it reported the sudden departure of Chief Executive Lyssa McGowan.
The Chesire, England-based seller of pet medication, toys and food said McGowan has left the company with immediate effect, thanking her for ‘her commitment’, but providing no explanation for the exit.
McGowan became CEO in 2022. Pets at Home said non-executive Chair Ian Burke will serve as executive chair until McGowan’s permanent replacement is found.
The firmed warned that underlying pretax profit for financial 2026 is now expected between £90 million and £100 million. This compares to guidance of £115 million to £125 million issued in May, and £133.0 million in financial 2025. At the time, though the firm already expected lower profit on-year, it predicted a ‘return to market outperformance’.
Updating on the second quarter of the new year, Pets at Home said retail conditions remained ‘subdued’ and that improvements in its Retail business were evident but ‘below expectations.’
Store sales have fallen 5% in the year-to-date, whilst online retail has grown in the double-digits, according to Pets at Home. The firm added that its Vet Group is on track for 10 new practices by the end of financial 2026, and ‘continues to deliver high-single digit sales growth.’
Pets at Home shares were down 16% at 190.86 pence on Thursday morning in London, and have fallen 37% over the last 12 months.
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