Pet supplies retailer Pets at Home has reported a dramatic plunge in profits, citing tough trading conditions and increased competition from online retailers.
The company said underlying earnings before interest, tax, depreciation and amortisation (EBITDA) fell 43.4% to £72.5m in the year to March 28, compared with £129.3m the previous year.
"The UK retail environment remains challenging, with an increasing number of retailers experiencing difficulties. We are seeing a higher level of promotional activity from online retailers, which is having an impact on our sales and profitability."
Pets at Home said it faced a number of challenges, including the impact of Brexit, a decline in consumer spending and increased competition from online retailers.
The company said it was taking steps to mitigate the impact of these challenges, including increasing its online presence and improving its supply chain.
"We are committed to investing in our business to ensure we remain competitive in the market," a spokesperson said.
Pets at Home is one of the largest pet supplies retailers in the UK, with over 450 stores across the country.
The company's results come as the UK retail sector continues to face significant challenges, including increased competition from online retailers and a decline in consumer spending.
"We are seeing a higher level of promotional activity from online retailers, which is having an impact on our sales and profitability."
In a statement, the company said: "The UK retail environment remains challenging, with an increasing number of retailers experiencing difficulties."
Pets at Home's profits plunge is a stark reminder of the challenges facing traditional retailers in the UK.
Resumen en autor: La caída en las ganancias de Pets at Home refleja los desafíos persistentes del sector retail en el Reino Unido, donde la competencia feroz y los cambios en el comportamiento del consumidor están dejando a muchos empresarios en una situación precaria.