Fressnapf | Maxi Zoo lifts profit as same-store sales soften: full analysis

Fressnapf | Maxi Zoo says it came through 2025 with stronger profitability, despite softer underlying store performance. The European pet retail group reported revenue of €3.7 billion, up 2.5%, while operating profit rose roughly 11% to €380 million, even as like-for-like sales declined 0.8%. Management attributed the result to international expansion, cost discipline, and ongoing changes to the operating model. (presse.fressnapf.de)

The result builds on a multiyear transformation effort. In its 2024 annual report, the company said it had already begun shifting responsibilities closer to local markets, tightening omnichannel pricing, adapting assortments, and rolling out services such as Click & Collect in selected countries. That earlier filing also said e-commerce accounted for about 13% of merchandise revenue, while loyalty members generated 64% of sales, showing how much the business is leaning on data, retention, and channel integration as growth levers. (presse.fressnapf.de)

In 2025, that strategy showed up most clearly in physical expansion. Fressnapf | Maxi Zoo opened 195 stores and ended the year with 2,888 locations, including franchise stores and joint ventures, across 15 European countries. France, Italy, and Poland were the biggest growth markets by new openings, and the company also launched three urban-format stores in Copenhagen and Paris, aimed at dense city markets with more localized assortments and quick-commerce integration. International operations now contribute 67% of total revenue, while Germany remains the largest single market at 33%, followed by Italy at 21% and France at 16%. (presse.fressnapf.de)

The company’s commentary suggests margin improvement mattered at least as much as top-line momentum. CFO Florian Wieser said the results reflected “the consistent transformation of our business model,” while trade coverage highlighted stricter cost control and operational improvements as central drivers. Earlier 2025 updates from the company also pointed to improved marketing efficiency, streamlined operations, and growth in exclusive-label sales as contributors to resilience in a difficult market. (presse.fressnapf.de)

There was also a leadership transition in the background. In May 2025, the group announced a management reshuffle tied to its international growth plans, including the appointment of former Tesco executive Matt Simister as incoming CEO from September 2025 and Florian Wieser as incoming CFO from January 2026, alongside a broader reorganization spanning HR, digital, IT, logistics, supply chain, customer experience, and product strategy. That adds context to the company’s emphasis on scalability and more integrated decision-making. (presse.maxizoo.fr)

Why it matters: For veterinary professionals, this is less about one retailer’s earnings and more about what the model signals. Large specialist chains are showing they can defend profits through pricing tools, supply-chain efficiency, private-label development, and omnichannel convenience, even when same-store sales are under pressure. In a market where pet parents are increasingly shopping across specialist stores and digital channels, those capabilities can influence nutrition purchasing, wellness product uptake, and expectations around convenience and value. Euromonitor has also noted continued channel shifts toward digital and specialist retail in pet care, reinforcing that these competitive dynamics are broader than one company. (euromonitor.com)

For clinics, that means retail competition is becoming more coordinated and data-driven. As major chains expand Click & Collect, smart pricing, urban formats, and e-commerce, veterinary teams may see more pet parents comparing recommendations against increasingly sophisticated retail offers. That could create pressure in nutrition and preventive product categories, but it may also create opportunities for practices that sharpen their own guidance, emphasize clinical differentiation, and make purchasing easier for clients. This last point is an inference based on the company’s stated strategy and broader channel trends. (presse.fressnapf.de)

What to watch: The next test is whether Fressnapf | Maxi Zoo’s 2026 plan, maintaining a high pace of store openings while rolling out smart pricing, Click & Collect, and broader e-commerce capabilities, can restore positive like-for-like growth as well as sustain margins in a still-competitive European market. (presse.fressnapf.de)