Shares in pet retailer Pets at Home (PETS) dropped more than 6 per cent after the group revealed a poor first quarter’s trading. Like-for-like revenues grew 1.7 per cent but were partially offset by a poor quarter for the group’s health and hygiene products. Management also blamed “very hot weather in July” for the slower-than-expected sales growth, which offset decent performances from the advanced nutrition division, the VIP club and the website.
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Total revenues grew 6.4 per cent thanks to a 28.6 per cent leap services revenues to £23.5m.