Decreased Earnings EstimateThe FY26e PBT estimate is lowered by -16%, which is disappointing.
Retail PBT DeclineThe Retail business faces into an 'uncertain backdrop for demand and inflation' and, alongside significant external cost headwinds, this will result in Retail PBT declining YoY.
Weak Retail PerformancePets at Home reported a soft Q3 Retail LFL, slowing to -2.8%, with particularly weak footfall from October.