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Pets At Home - a service examplar

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Pets At Home - The No 1 place to work . How did they become such a great place to work and the UK's NO 1 pets retailer

Pets At Home - The No 1 place to work . How did they become such a great place to work and the UK's NO 1 pets retailer

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  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. spate of new stores and further growth by acquisition of its vets business saw the annual earnings of Cheshire firm Pets at Home reach a new high - pushing past £100m.The firm, bought by private equity firm Kohlberg Kravis Roberts for about £955m, made profit before tax, goodwill and one-off items of £54.24m in the year ended March 25.The Handforth-based company is already the biggest pet shop chain in the UK, and is now set  to become the biggest operator of veterinary practices as it opens in-store locations and stand-alone entities.Having just opened its 350th store, Pets at Home saw sales growth of nearly 10% in the year to the end of March as turnover rose to £598.3m.Like-for-like sales growth in the period was 2.2%, an improvement on the 1.3% reported in the previous year. EBITA - which does not include interest payments - was up 9.8% to £100.8m.  During the year the number of vet practices - thanks to its March acquisition of Vets4Pets - rocketed from 92 to 209. Chief executive Nick Wood heralded a "another successful year" for the business, which on top of its strong financial performance was ranked as the best big business to work for by the Sunday Times. He said:"We continued to invest in organic growth, opening 32 new stores, 24 new Companion Care surgeries and 26 more Groom Rooms during the year. With our more recent openings, we now operate from over 350 stores.“ “Market conditions remain challenging with disposable incomes under pressure for many of our customers. Against this backdrop we remain committed to delivering fantastic value as well as exceptional service to our customers through new stores and trading formats, new product innovation, and the engagement and knowledge of truly committed colleagues throughout the business. "We will continue to improve the experience for our customers and look forward to a year of further growth.“  
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. spate of new stores and further growth by acquisition of its vets business saw the annual earnings of Cheshire firm Pets at Home reach a new high - pushing past £100m.The firm, bought by private equity firm Kohlberg Kravis Roberts for about £955m, made profit before tax, goodwill and one-off items of £54.24m in the year ended March 25.The Handforth-based company is already the biggest pet shop chain in the UK, and is now set  to become the biggest operator of veterinary practices as it opens in-store locations and stand-alone entities.Having just opened its 350th store, Pets at Home saw sales growth of nearly 10% in the year to the end of March as turnover rose to £598.3m.Like-for-like sales growth in the period was 2.2%, an improvement on the 1.3% reported in the previous year. EBITA - which does not include interest payments - was up 9.8% to £100.8m.  During the year the number of vet practices - thanks to its March acquisition of Vets4Pets - rocketed from 92 to 209. Chief executive Nick Wood heralded a "another successful year" for the business, which on top of its strong financial performance was ranked as the best big business to work for by the Sunday Times. He said:"We continued to invest in organic growth, opening 32 new stores, 24 new Companion Care surgeries and 26 more Groom Rooms during the year. With our more recent openings, we now operate from over 350 stores.“ “Market conditions remain challenging with disposable incomes under pressure for many of our customers. Against this backdrop we remain committed to delivering fantastic value as well as exceptional service to our customers through new stores and trading formats, new product innovation, and the engagement and knowledge of truly committed colleagues throughout the business. "We will continue to improve the experience for our customers and look forward to a year of further growth.“  
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. spate of new stores and further growth by acquisition of its vets business saw the annual earnings of Cheshire firm Pets at Home reach a new high - pushing past £100m.The firm, bought by private equity firm Kohlberg Kravis Roberts for about £955m, made profit before tax, goodwill and one-off items of £54.24m in the year ended March 25.The Handforth-based company is already the biggest pet shop chain in the UK, and is now set  to become the biggest operator of veterinary practices as it opens in-store locations and stand-alone entities.Having just opened its 350th store, Pets at Home saw sales growth of nearly 10% in the year to the end of March as turnover rose to £598.3m.Like-for-like sales growth in the period was 2.2%, an improvement on the 1.3% reported in the previous year. EBITA - which does not include interest payments - was up 9.8% to £100.8m.  During the year the number of vet practices - thanks to its March acquisition of Vets4Pets - rocketed from 92 to 209. Chief executive Nick Wood heralded a "another successful year" for the business, which on top of its strong financial performance was ranked as the best big business to work for by the Sunday Times. He said:"We continued to invest in organic growth, opening 32 new stores, 24 new Companion Care surgeries and 26 more Groom Rooms during the year. With our more recent openings, we now operate from over 350 stores.“ “Market conditions remain challenging with disposable incomes under pressure for many of our customers. Against this backdrop we remain committed to delivering fantastic value as well as exceptional service to our customers through new stores and trading formats, new product innovation, and the engagement and knowledge of truly committed colleagues throughout the business. "We will continue to improve the experience for our customers and look forward to a year of further growth.“  
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. spate of new stores and further growth by acquisition of its vets business saw the annual earnings of Cheshire firm Pets at Home reach a new high - pushing past £100m.The firm, bought by private equity firm Kohlberg Kravis Roberts for about £955m, made profit before tax, goodwill and one-off items of £54.24m in the year ended March 25.The Handforth-based company is already the biggest pet shop chain in the UK, and is now set  to become the biggest operator of veterinary practices as it opens in-store locations and stand-alone entities.Having just opened its 350th store, Pets at Home saw sales growth of nearly 10% in the year to the end of March as turnover rose to £598.3m.Like-for-like sales growth in the period was 2.2%, an improvement on the 1.3% reported in the previous year. EBITA - which does not include interest payments - was up 9.8% to £100.8m.  During the year the number of vet practices - thanks to its March acquisition of Vets4Pets - rocketed from 92 to 209. Chief executive Nick Wood heralded a "another successful year" for the business, which on top of its strong financial performance was ranked as the best big business to work for by the Sunday Times. He said:"We continued to invest in organic growth, opening 32 new stores, 24 new Companion Care surgeries and 26 more Groom Rooms during the year. With our more recent openings, we now operate from over 350 stores.“ “Market conditions remain challenging with disposable incomes under pressure for many of our customers. Against this backdrop we remain committed to delivering fantastic value as well as exceptional service to our customers through new stores and trading formats, new product innovation, and the engagement and knowledge of truly committed colleagues throughout the business. "We will continue to improve the experience for our customers and look forward to a year of further growth.“  
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. spate of new stores and further growth by acquisition of its vets business saw the annual earnings of Cheshire firm Pets at Home reach a new high - pushing past £100m.The firm, bought by private equity firm Kohlberg Kravis Roberts for about £955m, made profit before tax, goodwill and one-off items of £54.24m in the year ended March 25.The Handforth-based company is already the biggest pet shop chain in the UK, and is now set  to become the biggest operator of veterinary practices as it opens in-store locations and stand-alone entities.Having just opened its 350th store, Pets at Home saw sales growth of nearly 10% in the year to the end of March as turnover rose to £598.3m.Like-for-like sales growth in the period was 2.2%, an improvement on the 1.3% reported in the previous year. EBITA - which does not include interest payments - was up 9.8% to £100.8m.  During the year the number of vet practices - thanks to its March acquisition of Vets4Pets - rocketed from 92 to 209. Chief executive Nick Wood heralded a "another successful year" for the business, which on top of its strong financial performance was ranked as the best big business to work for by the Sunday Times. He said:"We continued to invest in organic growth, opening 32 new stores, 24 new Companion Care surgeries and 26 more Groom Rooms during the year. With our more recent openings, we now operate from over 350 stores.“ “Market conditions remain challenging with disposable incomes under pressure for many of our customers. Against this backdrop we remain committed to delivering fantastic value as well as exceptional service to our customers through new stores and trading formats, new product innovation, and the engagement and knowledge of truly committed colleagues throughout the business. "We will continue to improve the experience for our customers and look forward to a year of further growth.“  
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. spate of new stores and further growth by acquisition of its vets business saw the annual earnings of Cheshire firm Pets at Home reach a new high - pushing past £100m.The firm, bought by private equity firm Kohlberg Kravis Roberts for about £955m, made profit before tax, goodwill and one-off items of £54.24m in the year ended March 25.The Handforth-based company is already the biggest pet shop chain in the UK, and is now set  to become the biggest operator of veterinary practices as it opens in-store locations and stand-alone entities.Having just opened its 350th store, Pets at Home saw sales growth of nearly 10% in the year to the end of March as turnover rose to £598.3m.Like-for-like sales growth in the period was 2.2%, an improvement on the 1.3% reported in the previous year. EBITA - which does not include interest payments - was up 9.8% to £100.8m.  During the year the number of vet practices - thanks to its March acquisition of Vets4Pets - rocketed from 92 to 209. Chief executive Nick Wood heralded a "another successful year" for the business, which on top of its strong financial performance was ranked as the best big business to work for by the Sunday Times. He said:"We continued to invest in organic growth, opening 32 new stores, 24 new Companion Care surgeries and 26 more Groom Rooms during the year. With our more recent openings, we now operate from over 350 stores.“ “Market conditions remain challenging with disposable incomes under pressure for many of our customers. Against this backdrop we remain committed to delivering fantastic value as well as exceptional service to our customers through new stores and trading formats, new product innovation, and the engagement and knowledge of truly committed colleagues throughout the business. "We will continue to improve the experience for our customers and look forward to a year of further growth.“  
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. spate of new stores and further growth by acquisition of its vets business saw the annual earnings of Cheshire firm Pets at Home reach a new high - pushing past £100m.The firm, bought by private equity firm Kohlberg Kravis Roberts for about £955m, made profit before tax, goodwill and one-off items of £54.24m in the year ended March 25.The Handforth-based company is already the biggest pet shop chain in the UK, and is now set  to become the biggest operator of veterinary practices as it opens in-store locations and stand-alone entities.Having just opened its 350th store, Pets at Home saw sales growth of nearly 10% in the year to the end of March as turnover rose to £598.3m.Like-for-like sales growth in the period was 2.2%, an improvement on the 1.3% reported in the previous year. EBITA - which does not include interest payments - was up 9.8% to £100.8m.  During the year the number of vet practices - thanks to its March acquisition of Vets4Pets - rocketed from 92 to 209. Chief executive Nick Wood heralded a "another successful year" for the business, which on top of its strong financial performance was ranked as the best big business to work for by the Sunday Times. He said:"We continued to invest in organic growth, opening 32 new stores, 24 new Companion Care surgeries and 26 more Groom Rooms during the year. With our more recent openings, we now operate from over 350 stores.“ “Market conditions remain challenging with disposable incomes under pressure for many of our customers. Against this backdrop we remain committed to delivering fantastic value as well as exceptional service to our customers through new stores and trading formats, new product innovation, and the engagement and knowledge of truly committed colleagues throughout the business. "We will continue to improve the experience for our customers and look forward to a year of further growth.“  
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. 
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. spate of new stores and further growth by acquisition of its vets business saw the annual earnings of Cheshire firm Pets at Home reach a new high - pushing past £100m.The firm, bought by private equity firm Kohlberg Kravis Roberts for about £955m, made profit before tax, goodwill and one-off items of £54.24m in the year ended March 25.The Handforth-based company is already the biggest pet shop chain in the UK, and is now set  to become the biggest operator of veterinary practices as it opens in-store locations and stand-alone entities.Having just opened its 350th store, Pets at Home saw sales growth of nearly 10% in the year to the end of March as turnover rose to £598.3m.Like-for-like sales growth in the period was 2.2%, an improvement on the 1.3% reported in the previous year. EBITA - which does not include interest payments - was up 9.8% to £100.8m.  During the year the number of vet practices - thanks to its March acquisition of Vets4Pets - rocketed from 92 to 209. Chief executive Nick Wood heralded a "another successful year" for the business, which on top of its strong financial performance was ranked as the best big business to work for by the Sunday Times. He said:"We continued to invest in organic growth, opening 32 new stores, 24 new Companion Care surgeries and 26 more Groom Rooms during the year. With our more recent openings, we now operate from over 350 stores.“ “Market conditions remain challenging with disposable incomes under pressure for many of our customers. Against this backdrop we remain committed to delivering fantastic value as well as exceptional service to our customers through new stores and trading formats, new product innovation, and the engagement and knowledge of truly committed colleagues throughout the business. "We will continue to improve the experience for our customers and look forward to a year of further growth.“  
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. spate of new stores and further growth by acquisition of its vets business saw the annual earnings of Cheshire firm Pets at Home reach a new high - pushing past £100m.The firm, bought by private equity firm Kohlberg Kravis Roberts for about £955m, made profit before tax, goodwill and one-off items of £54.24m in the year ended March 25.The Handforth-based company is already the biggest pet shop chain in the UK, and is now set  to become the biggest operator of veterinary practices as it opens in-store locations and stand-alone entities.Having just opened its 350th store, Pets at Home saw sales growth of nearly 10% in the year to the end of March as turnover rose to £598.3m.Like-for-like sales growth in the period was 2.2%, an improvement on the 1.3% reported in the previous year. EBITA - which does not include interest payments - was up 9.8% to £100.8m.  During the year the number of vet practices - thanks to its March acquisition of Vets4Pets - rocketed from 92 to 209. Chief executive Nick Wood heralded a "another successful year" for the business, which on top of its strong financial performance was ranked as the best big business to work for by the Sunday Times. He said:"We continued to invest in organic growth, opening 32 new stores, 24 new Companion Care surgeries and 26 more Groom Rooms during the year. With our more recent openings, we now operate from over 350 stores.“ “Market conditions remain challenging with disposable incomes under pressure for many of our customers. Against this backdrop we remain committed to delivering fantastic value as well as exceptional service to our customers through new stores and trading formats, new product innovation, and the engagement and knowledge of truly committed colleagues throughout the business. "We will continue to improve the experience for our customers and look forward to a year of further growth.“  
  • At operating level they have similar store and sales growth to Dunelm.Operating margins are below Dunelm, and dropping as they add more services.They use EBITDA (rather than Profit Before Tax) to remove the impact of interest on debt the venture capitalists added to the business The "issue" they face is the expiry debt of the venture capitalists. The is £0.5bn of debt which expires between 2017 and 2018.Floatation of the business should raise that amount of capital, being below retail p/e ratios. spate of new stores and further growth by acquisition of its vets business saw the annual earnings of Cheshire firm Pets at Home reach a new high - pushing past £100m.The firm, bought by private equity firm Kohlberg Kravis Roberts for about £955m, made profit before tax, goodwill and one-off items of £54.24m in the year ended March 25.The Handforth-based company is already the biggest pet shop chain in the UK, and is now set  to become the biggest operator of veterinary practices as it opens in-store locations and stand-alone entities.Having just opened its 350th store, Pets at Home saw sales growth of nearly 10% in the year to the end of March as turnover rose to £598.3m.Like-for-like sales growth in the period was 2.2%, an improvement on the 1.3% reported in the previous year. EBITA - which does not include interest payments - was up 9.8% to £100.8m.  During the year the number of vet practices - thanks to its March acquisition of Vets4Pets - rocketed from 92 to 209. Chief executive Nick Wood heralded a "another successful year" for the business, which on top of its strong financial performance was ranked as the best big business to work for by the Sunday Times. He said:"We continued to invest in organic growth, opening 32 new stores, 24 new Companion Care surgeries and 26 more Groom Rooms during the year. With our more recent openings, we now operate from over 350 stores.“ “Market conditions remain challenging with disposable incomes under pressure for many of our customers. Against this backdrop we remain committed to delivering fantastic value as well as exceptional service to our customers through new stores and trading formats, new product innovation, and the engagement and knowledge of truly committed colleagues throughout the business. "We will continue to improve the experience for our customers and look forward to a year of further growth.“  
  • Transcript

    • 1. Service excellence – Pets @ Home “To be the NO 1 pet shop in the world” Tim Slade & Saj Bhojani 1
    • 2. Welcome to the No 1 Pet Shop in the world 2
    • 3. Dog Cam 3
    • 4. Agenda 1. Business review 2. No 1 place to work 3. Key Conclusions 4. Appendix 4
    • 5. Formidable business performance consistent revenue & profit growth £m 700 Store Numbers 400 350 300 250 200 150 100 50 0 Turnover 600 500 400 300 200 100 2006 2007 2008 2009 2010 2011* 2012 2013 Stores £m 120 0 2006 2007 2008 2009 2010 2011* 2012 2013 £m 600 Profit ( EBITDA ) 100 500 80 400 60 Gross Debt 300 200 40 100 20 0 0 2006 2007 2008 2009 2010 2011* 2012 2013 Turnover EBITDA EBITDA Margin % Stores Vet Practices 2006 279.2 40.7 14.6% 173 36 2007 306.5 46.7 15.2% 193 39 2008 354.6 60.7 17.1% 213 42 2006 2007 2008 2009 2010 2011* 2012 2013 Expires 2017 Year ending March 2009 2010 404.3 467.7 70 84.3 17.3% 18.0% 232 256 51 59 2011* 517.8 93 18.0% 281 73 2012 544.3 91.7 16.8% 313 92 2013 598.3 100.8 16.8% 345 209 5 Yr CAGR 11.0% 10.7% 10.1% 5
    • 6. 350 Stores typically out of town settings, 10,000 sq feet. Pets are the UK’s leading specialist retailer of pet foods, pet related products, accessories and services Recent operational highlights • Continued investment in new stores & formats (32 stores in FY12) • Opening of 2nd distribution centre & Hong Kong sourcing operation • Expansion of vet practices and grooming salons (18 new grooming salons, 19 instore vet practices) 6
    • 7. Range expansion core strategic driver Improved good, better, best range expansion in key dog and cat areas including luxury ranges Expansion is driven further by innovation focus eg specialist shampoos, indestructible dog toys with squeakers that only dogs can hear Continued investment and strong performance of own brand development e.g. Wainwrights Web used to drive extended ranges Pets at Home insurance introduced with pleasing performance. Stand alone website developed. 7
    • 8. Service proposition continues to grow creating a one stop shop Pets continue to invest in service proposition 92 In care Veterinary practises - Second largest vet chain in the UK 61 Grooming salons – The first national chain of groomers Services continue the unique opportunity within the Pet space to develop customer engagement Stylists and vets have the opportunity going forward to provide more general advice on health and wellbeing 8
    • 9. Considerable space given up to services within store estate (delivers authority, expertise and lock in) 9
    • 10. Service proposition given strong home page presence Links to additional services: • Pet Insurance • Veterinary services • Pet adoption • Grooming services Links to additional services: • Pet Insurance • Help Advice 10
    • 11. Service leverages multi channel – online nutrition booking system 11
    • 12. Accelerating ecommerce growth via range, services & acquisition eComm growth circa 28.5% LFL Visitor numbers reaching 1.5m per month/4week period Significant investment in on site UGC through video channel – also includes Pet Care videos from pets….used to drive specialist credentials Extended ranges continue to grow on site. Delivery to store trial completed, intention to roll out this service in forthcoming year. This would be on top of reserve and collect Dec 2012 saw the acquisition of Ride Away, a significant ecommerce business in a £2.8bn equestrian market. This enhances specialist credentials, the ecommerce offer and fits Pets values and ethos 12
    • 13. Future growth opportunities identified including a loyalty programme Following extensive customer research and analysis of retail loyalty schemes – loyalty identified as a key benefit for existing customers Nov 2012 saw launch of Pets at Home VIP (Very important Pets) which rewards loyalty by earning Lifelines for nominated animal rehoming charities. The lifelines earned by customers swiping their card which turn into financial rewards for nominated rehoming charities. Initial sign up and customer reaction to club has been positive and beyond expectation. Over 1 million sign ups now Internal belief is the VIP club will have a significant role to play in the future of the business…..presumably through data collection of customer purchase behaviour to understand RFM value 13
    • 14. Employee engagement seen as a critical factor to business growth Circa 6000 colleagues, consistent rankings in 25 Best Big companies to work for. Including NO 1 Simple, easy to understand set of values – clearly visible within the business Unique relationship with colleagues and pets (owners and products) Colleague turnover less than 20% Structured training programme for every colleague, with choice to specialise via Pets at Home academy. Significant commercial investment in delivering employee engagement & removal of task NPS now regularly 80% and higher We’re All Ears is the internal employee engagement measure/process – last measured at 91% 14
    • 15. Giving something back Central and local relationships with Scouts, Brownies and Guides – includes free animal workshops to encourage animal care badges. Schools – Stores offer school visits for children to learn about animals Support adoption for Pets – Pets at Home work with a national Pets charity helping the rehoming of pets 15
    • 16. Agenda 1. Business review At operating level similar to Dunelm, private equity ownership. Biggest Pet Chain in UK. Many similarities to Dunelm 2. No 1 place to work 3. Key Conclusions 4. Appendix 16
    • 17. Becoming the No 1 place to work….. • 1st place in the Sunday Times Top Big Companies to Work in 2013, 2nd in 2012 • Employee engagement for Pets at Home is about having a business that is • full of people that are really ‘up for it’ • passionate about what they do, • understanding how and what they do fits in with the big scheme of things • are real advocates for the business. 17
    • 18. Becoming the No 1 place to work….. Employee engagement is a long game. Has taken 8 years to get to No 1 Journey had a very clear goal of creating an amazing place to work, through 3 core areas 1. Recruit the right people • Get pets and get retail 2. Train them and give them the right tools and skills they need to do their jobs well • Everyone that works at Pets at Home has access to a wide variety of specialist training courses including pet nutrition, microchipping, grooming and the legally recognised Suitably Qualified Person (SQP) qualification, enabling them to dispense licensed flea and worm treatments 3. Reward and recognise them • Bonus, pay and visible recognition 18
    • 19. Becoming the No 1 place to work…..through a balanced workforce • Whilst 92% of their employees are pet owners it’s not a prerequisite to work for Pets at Home. • Must get pets – not necessarily own a Pet • Being good with people and willing to do the hard work that is involved with being in a retail environment equally important Therefore, that’s the balance that they strive to identify in the people that they hire. • Their model, a la the Service Profit Chain is recruit the right people create a great place to work AND they will deliver great service to their customers and that will put money in the till. 19
    • 20. Employee engagement delivers hard benefits in retention & recruitment • 8 years ago labour turnover was over 70% • Recruitment costs were over £300,000 per year on recruiting new retail management. • Today, stores has doubled and they only spend £30,000 per year on recruitment costs because turnover has plummeted. • Internal promotion is encouraged with 90% or more of assistant store managers and area managers rising through the ranks. . 20
    • 21. Employee engagement tactics 21
    • 22. Employee engagement tactics 1. Pay linked to training and service 2. Clear team bonus schemes 3. Significant training investment • Expert badges • Pet well being courses • H&S courses 4. 97% of employees own a pet – in head Office colleagues allowed to bring Pets to work 5. Birthday off (in-store and head office) 6. Allowed 1 days off per annum to work in a local charity 7. One of the most powerful ways to recognise people were hand-written notes. 8. 25% staff discount 9. Treats – access to a staff discount scheme to access discounts on insurance, holidays etc 10. Ethical approach to corporate social responsibility – eg Pet adoption scheme 22
    • 23. Agenda 1. Business review 2. No 1 place to work At operating level similar to Dunelm, private equity ownership. Biggest Pet Chain in UK. Many similarities to Dunelm Employee engagement drives customer engagement – clear link to NPS. Employee engagement is a journey and an investment 3. Key Conclusions 4. Appendix 23
    • 24. Key Conclusions - becoming NO 1 1. To be No 1 you need to be No 1 at product and service offering 2. Service offering = 2 different elements or dimensions • Services offered as part of value proposition (Vet service or M2M) • Services to customers (Customer First) 3. Value added services/ A service offering enables • Differentiation • Increases share of wallet (customer lifetime spend) • Brand authority and expertise 4. To deliver a great service to customers you need a highly engaged colleague workforce • Motivated • Satisfied • Understand business and culture • Rewarded 24
    • 25. Agenda 1. Business review 2. No 1 place to work 3. Key Conclusions At operating level similar to Dunelm, private equity ownership. Biggest Pet Chain in UK. Many similarities to Dunelm Employee engagement drives customer engagement – clear link to NPS. Employee engagement is a journey and an investment Services has 2 dimensions, service offering and unbeatable service – both are key. 4. Appendix 25
    • 26. Appendix 1. Service profit chain definition 2. Web Site review 3. Service exemplar case study Zappos 26
    • 27. Becoming the No 1 place to work….. 27
    • 28. www.petsathome.com 28
    • 29. Homepage Offer messaging and Delivery options Links to additional services: • Pet Insurance • Veterinary services • Pet adoption • Grooming services Loyalty scheme 29
    • 30. Navigation Multi-coloured navigation. Image of animal appears when you hover over navigation. 30
    • 31. Category Page Basic shop by category Free delivery threshold reminder 31
    • 32. Product Lister Page Basic refinement options (multiple selection not available) Online exclusive offers Offer lozenges 32
    • 33. Delivery Proposition *Free standard delivery over £29 ends 31st May 2013 Delivery Service Order Weight Price Details Standard Delivery Up to 32kg £4.95 We aim to deliver within 4-6 working days. Items delivered direct from our suppliers will take up to the time stated in the product details. £7.95 Orders must be placed by 4pm previous working day. Excludes Saturdays, Sundays and Public Holidays. Orders placed on a Friday will be delivered on Monday. £29.95 Charge per order. Standard delivery up to 6 working days. No next day delivery available. 8am - 6pm, Mon to Fri Next Working Day Delivery Items weighing 25kg or more +25kg Deliver to UK mainland, Northern Ireland and UK offshore island addresses. Reserve online and pay in store. 33
    • 34. Pet Care Advice Pet Care Advice centre featuring ‘buying guides’, advice videos, choosing a breed, animal health etc 34
    • 35. Video Suite Suite of videos for: • Products and Services • Pet Care Advice • Charity • Meet the Team • Your Pet Videos (UGC) Your Pet Videos – user generated content 35
    • 36. Other Services In store grooming salon Pet Insurance: • Dog • Cat • Rabbit In store Vets Surgery www.companioncare.co.uk Animal adoption charity support 36
    • 37. Hitwise Overview Report of www.petsathome.com Dunelm Mill 12.53% Paid: 87.47% Organic Dunelm Mill 49.30% New: 50.70% Returning Dunelm Mill House and Garden: 10 (0) Hitwise stats for week ending 11th May 2013 37
    • 38. Hitwise – Visits Overview Report of www.petsathome.com Overall visits to the site have grown during the last quarter by 25% 38
    • 39. Key Competitors Pet Planet www.petplanet.co.uk Pet Supermarket www.pet-supermarket.co.uk Argos www.argos.co.uk 39
    • 40. Social Media Dunelm Facebook Likes Twitter Followers G+ Fans 44973 4958 554 Pets at Home Facebook Likes Twitter Followers G+ Fans 31985 10529 NA 40
    • 41. Paid Search & Display No Paid Search activity on either Brand or Non Brand Terms No Display or Retargeting activity either Dunelm Mill House and Garden: 10 (0) Their only Paid Search activity is on Google Shopping They are loosing traffic from competitors bidding on their terms 41
    • 42. SEO Optimisation Optimised Meta Data On-site content – Buying guides, Videos, Advice tips Keyword rich footer copy 42
    • 43. High DA and incoming links – indicates a potential link building strategy SEO Optimisation Dunelm Domain Authority 55 Pets at Home Page Authority 62 Ranking on page 1 for all main keywords Total number of Links to the Site 12735 Domain Authority 58 Keyword Pet Bowls Pet Accessories Pet Food Pet Shop Pet Advice Dog Leads Fish Tanks Pet Gifts Pet Treats Pet Toys Pet Grooming Total number of Page Authority Links to the Site 65 48829 Ranking 3 8 1 1 5 1 1 1 1 3 5 43
    • 44. Point of Interest http://www.bbc.co.uk/programmes/b006mg74/features/pets-at-home Pets at Home were on Watchdog a few months ago They were accused of animal negligence They created a static page on their site in response to the accusations 44
    • 45. Zappos The story. Since the online shoe retailer was founded in 1999, the Zappos brand has extolled its “wow” customer service positioning and a distinct corporate culture. The challenge. Tony Hsieh, the chief executive, became a multimillionaire at 24 when he sold a start-up he had co-founded to Microsoft for $265m. After joining Zappos as an adviser and investor, he eventually became chief executive. When Mr Hsieh got involved in 1999, annual gross sales were $1.6m. He had two goals for the first 10 years: reach $1bn in annual sales and get on the list of best companies to work for. Culture rules. Company culture came first in order to maintain passion and excitement. Zappos culture was shaped by 10 core values on which it hired and fired. While Zappos had a playful side, with values such as “create fun and a little weirdness”, it pushed performance just as hard with values such as “do more with less”, and “deliver ‘wow’ through service”. Zappos also had an unusual recruitment process involving two interviews – one to assess fit with the job and another to assess cultural fit with the company. All successful recruits had the same five-week training, including two weeks on the phones in the call-centre. Topics included the emphasis on customer service and the philosophy behind company culture. Everyone was offered $2,000 to quit as a test of enthusiasm. 45
    • 46. Zappos Clear communications. Transparency in dealing with employees, suppliers, investors and customers was a central tenet. In late 2008, Zappos shed 8 per cent of its workforce. Rather than spinning it as strategic, Mr Hsieh sent a detailed e-mail to staff on what was happening and why. He also put the e-mail on his blog so even outsiders had access to the details at the same time. Mr Hsieh viewed culture- building as an investment. The values, benefits and freedom that went with it had resulted in a high-energy workplace. Customer service calls could take an hour, but that was considered as a marketing expense because customers who had a good experience would tell friends. Adapting the service model. Customer service was a core element of the culture. Its free-call number, free shipping and returns, 365-day return policy and 24/7 availability also set it apart. Zappos employees had no scripts or call-time metrics, and were empowered to take action to make customers happy. Initially, Zappos relied on a “drop-ship” model, whereby the supplier sent the shoes to the customer directly on receipt of information from Zappos, but orders were too often delayed or lost. So Mr Hsieh switched to an inventory model and invested in a distribution facility, which greatly helped Zappos deliver on its brand promise. Another success factor was its relationships with vendors. Zappos built collaborative partnerships and shared information with vendors in an open and transparent way. They were able to see inventory levels, sales and profitability, and they helped Zappos plan its business and made sure they had the right product at the right time. 46
    • 47. Zappos The results. By 2008, the company hit its goal of $1bn in gross sales and in 2009 Fortune magazine ranked Zappos 23rd on its list of the best companies to work for. Zappos expanded into clothes and other categories where customer service could be a differentiator. Then Zappos was sold to Amazon in late 2009 for $1.2bn. Mr Hsieh reassured employees and others that it would be business as usual. Today, Zappos still operates as an independent entity with its brand and culture intact. The lessons. The combination of corporate culture, customer service and supply chain make Zappos stand apart. The organisation lives and breathes customer service, which stems from its unique corporate culture. Zappos understands it must recruit people who can deliver customer service. As well taking care to hire the right employees, it provides every recruit with the same basic training. It not only focuses on customer experience at the front end, but delivers its promise from the back end. It changed its business model from asset-light to fixedasset investment to deliver its promised “wow” experience. 47