Earnings surge makes PetSmart the cat's meow
PHOENIX — PetSmart reported that its fourth quarter earnings were up 36% to $1.24. Comparable-store sales, or sales in stores open at least a year, grew 4.6%, benefitting from comparable transactions growth of 1.2%. Total sales for the quarter were up 15% to $1.9 billion.
For the year, the company delivered earnings per share of $3.55, up 39% compared with $2.55 last year. Comparable-store sales grew 6.3%, benefitting from comparable transactions growth of 2.4%. Total sales for the year were $6.8 billion, up 11%.
“We are pleased to report another quarter of solid earnings growth,” said Bob Moran, Chairman and Chief Executive Officer. “Our unique portfolio of solutions centered on our merchandise and service offerings is further strengthened by our culture of innovation and differentiation and truly sets us apart from the competition.”
For 2013, the company anticipates comparable-store sales growth of 2% to 4% and total sales growth of 2% to 4%. It expects earnings per share between $3.76 to $3.92, and spending for capital expenditures projects to be between $140 million to $150 million.
For the first quarter of 2013, the company is expecting comparable-store sales growth of 2% to 4%, and earnings per share between 92 cents to 98 cents.