Pets At Home boss quits as retailer suffers declining sales
The pet supplies giant has contended with declining sales over the past year
Pets At Home has announced the immediate departure of its chief executive, Lyssa McGowan, while simultaneously cutting its annual profit outlook for the second time this year.
The news sent shares in the retailer plunging by more than a fifth on Thursday.
Ms McGowan, who was awarded an OBE in June for her services to retail, had led the company since 2022.
Her exit is "with immediate effect," and the search for a successor has now commenced. In the interim, Ian Burke has assumed the role of executive chairman.
The pet supplies giant has contended with declining sales over the past year, attributing these struggles to a "subdued" pets market and a downturn in consumer confidence.
Pets At Home operates a retail business selling small animals and products, alongside providing veterinary healthcare and grooming services across the country.
It also told investors it was downgrading its underlying pre-tax profit forecast for the 2025-26 financial year, now expected to be in the range of £90 million to £100 million.
It previously cut the outlook to between £110 million and £120 million.
The guided annual profits would mark a drop from the £133 million reported the previous year.
While the retail sales performance has improved in recent months, it has been by less than the company was expecting.
Online sales have risen by more than 10 per cent but store sales have declined by 5 per cent over the year to date, it said.
Pets At Home is still planning to open 10 new vet practices during the financial year alongside extensions on 15 existing sites.
Shares in the firm had tumbled by about 22 per cent on Thursday morning.