Has anyone seen a breakdown of Pets at Home's 16% EBITDA margin between merchandise and services segments? My general impression in reading through the reports today was that the merchandise is a slow growing and relatively unprofitable business. The services business grows rapidly and has good margins. The right way to view the merchandise business is as a loss leader to help acquire customers for services.

I found statistics that the like to like growth for merchandise is under 3%, whereas the like to like growth for services is over 10%. What is the relative contribution to EBITDA for each of these segments?

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