Retailer Pets at Home shocked the City this morning by announcing the immediate departure of CEO Lyssa McGowan and slashing its profit forecast, sending shares down 20% in the last few minutes..
The company said McGowan had “left the business with immediate effect,” with non-executive chair Ian Burke stepping in as executive chair until a permanent successor is appointed.
Pets at Home cited a “performance gap” in its retail operations compared with internal plans and now expects underlying pre-tax profits of £90m–£100m for the current financial year. Analysts had been forecasting around £115m, following profits of £133m last year.
The company, which benefited from a surge in pet ownership during the pandemic, warned that the UK pet retail market remains subdued, weighing on sales and earnings.
