- Lyssa McGowan joined Pets at Home in 2022 and was made an OBE in June
Pets at Home lost nearly a quarter of its value after it announced the sudden departure of its boss alongside a second profit warning of the year.
On a bleak day for shareholders in the FTSE 250 firm, it said Lyssa McGowan ‘has left the business with immediate effect’ and a search for her successor is now underway.
The shake-up at the top came as the company slashed its profits forecasts for the second time this year.
That put the group firmly in the dog house and shares fell 23 per cent in early trading – wiping £240million off its value.
Neil Wilson, UK investor strategist at Saxo Markets, said investors are ‘scolding this one like a naughty puppy that’s done its business where it oughtn’t’.
Ms McGowan took over at Pets at Home in 2022 and was made an OBE in June for her services to retail.
Lyssa McGowan departs suddenly as retailer issues second profit warning this year
The chain, which sells everything from small animals such as rabbits and hamsters to pet food, beds and toys for cats and dogs, also has a grooming and veterinary business.
But it has struggled with declining sales and on Thursday said the pet market ‘remained subdued’ with sales at its stores down 5 per cent so far this year.
The company told investors it was downgrading its profit forecast for the 2025-26 financial year to between £90million and £100million.
It previously cut the outlook to between £110 million and £120 million.
The latest guidance would mark a sharp drop from the £133 million profit reported the previous year.
While the retail sales performance has improved in recent months, it has been by less than the company was expecting.
Online sales have risen by more than 10 per cent but store sales have declined by 5 per cent over the year to date, it said.
Pets At Home is still planning to open ten new vet practices during the financial year alongside extensions on 15 existing sites.
Pets at Home chairman Ian Burke has taken on the role of executive chairman until a permanent chief executive is hired, the firm said.
‘The board would like to thank Lyssa McGowan for her commitment to leading the business since she became CEO of the business in 2022,’ the company said.
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