PetSmart barking up a sales storm
PHOENIX — While consumers may be cutting back, it appears most don't feel buying items for their pets falls into the category of discretionary spending. Just look at PetSmart, which reported that earnings per share soared 32% to 54 cents for the second quarter, compared with earnings per share of 41 cents for the same period last year. Net income totaled $61 million in the second quarter of 2011, compared to $48 million in the second quarter of 2010.
Total sales for the second quarter of 2011 increased 7% to $1.5 billion. The increase in net sales was partially impacted by $6 million in favorable foreign currency fluctuations, the company reported. Comparable-store sales grew 5%, benefiting from comparable transactions growth of 2%. Services sales, which are included in total sales, grew 7.6% to $178 million.
"The strength of our brand was evident with another quarter of solid performance," said Bob Moran, CEO and president, "and validates the work that we are doing on our journey to becoming a best-in-class specialty retailer."