Pets at Home Group PLC (LSE:PETS) announced on Thursday that CEO Lyssa McGowan has left the company with immediate effect, coinciding with a profit warning for the 2026 fiscal year.
The pet supplies retailer has commenced a search for a permanent successor, with non-executive chair Ian Burke stepping in as executive chair until a new CEO is appointed. McGowan had led Pets at Home since 2022.
In an unscheduled trading update, the company revised its FY26 underlying profit before tax guidance to a range of £90–100 million. Pets at Home attributed the downgrade to challenging retail market conditions. While previous guidance assumed 1% market growth with expected outperformance, the pet retail sector has instead remained subdued, showing a slight year-to-date decline.
Despite sequential improvements in retail performance, the pace has been below expectations. Store sales have struggled, declining 5% year to date. In contrast, the digital segment has recorded stronger results, with double-digit sales growth outperforming the broader online retail market. This growth has been supported by the company’s enhanced digital platform and a marked increase in Easy Repeat subscriptions.
The Vet Group continues to perform well, achieving high single-digit sales growth. Pets at Home confirmed that it remains on track to open 10 new veterinary practices in FY26, alongside 15 vet extensions, and expects continued profit progress in this division.
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