In March’s Spring Statement, the government’s independent forecaster, the Office for Budget Responsibility (OBR), forecast that the headroom Chancellor Rachel Reeves had against her rule not to borrow to fund day-to-day spending in five years’ time was £23.6bn. However, the OBR’s forecast was made before the Iran war began.

It also did not immediately specify which of those stores it was proposing to close, but said they were ones “whose performance has been challenged for a number of years and which are loss making, despite remedial action”. The affected stores are across the UK.

Pets at Home investors will be hoping the retailer’s new boss can lay out a strategy to return it to profit growth despite a challenging consumer backdrop.

Shares in the company currently sit close to its lowest level for almost seven years following a recent downturn in the group’s retail arm.

The dip in the group’s performance contributed to the departure of previous chief executive Lyssa McGowan late last year.

In March, former Waitrose boss James Bailey took the reins in a bid to drive a turnaround in performance.

Shareholders will be hoping the new boss can show early signs of improvement and a long-term strategy to drive growth in Pets at Home’s update on Wednesday May 27.

The pet products retailer and vet chain is expected to report an underlying pre-tax profit of around £93 million for the year to March, according to analysts.

It would represent a roughly 30% fall from last year, after the company came under pressure from weak demand for discretionary products.

Analysts have said investors will be looking at early trading in the current financial year to see how consumer spending is holding up.

AJ Bell’s investment director Russ Mould said: “Pets at Home could badly do with some renewed pep.

“Under executive chair Ian Burke, who has returned to a non-executive role after leading the business on an interim basis, Pets at Home laid out a plan to fix a retail business which has been badly affected by a reduction in discretionary spend on toys and treats for Britons’ furry and feathered friends.

“The country may have a reputation for loving their animal companions but in an environment where households are having to watch their pennies, these nice-to-have items were off the list.”

The group has also seen sales of pet food and similar products face fierce pricing competition from non-specialist retailers, such as supermarkets.

It has since cut prices among around 1,000 products in order to help drive activity, with cash-strapped shoppers looking for value.

Data from the Office for National Statistics (ONS) showed that UK retail sales volumes dropped to an 11-month low in April, with a 1.3% fall for the month.

Pets at Home is predicted to report revenues of £1.47 billion for the past year, just marginally lower than £1.482 billion reported last year.