PetSmart not going to the dogs
PHOENIX — When it comes to pets, no expense is too great, and many owners will even forgo spending on themselves in order to get the very best for their animals. Therefore, it is not surprising that such companies as PetSmart continue to perform well even in a down economy.
For its fourth quarter, PetSmart reported that earnings per share were up 18% to 91 cents. Comparable-store sales grew 5.5%, benefitting from comparable transactions growth of 2.9%. Total sales for the quarter were up 8% to $1.6 billion.
For the year, the company delivered earnings per share of $2.55, up 27% compared with $2.01 last year. Comparable-store sales grew 5.4%, benefitting from comparable transactions growth of 2.5%. Total sales for the year were $6.1 billion, up 7%.
“We are pleased to report another quarter of solid earnings growth,” said Bob Moran, chairman and CEO. “2011 was a great year overall, with even more stories of innovation and differentiation in our stores.”
For fiscal 2012, the company said it expects comparable-store sales growth in the 3% to 4% range, and total sales growth in the 7.5% to 8.5% range. The company expects earnings per share between $3.02 to $3.16.