PetSmart quarterly earnings up 32%

PHOENIX PetSmart has reported earnings of 41 cents per share, up 32% compared with 31 cents per share in the second quarter of 2009. Net income totaled $48.4 million in the second quarter of 2010, compared with $39 million in the second quarter of 2009.

Total sales for the second quarter of 2010 increased 6.2% to $1.4 billion. The increase in net sales was partially impacted by $5.8 million in favorable foreign currency fluctuations. Comparable-store sales, or sales in stores open at least a year, grew 4.6% in the second quarter. Services sales, which are included in total sales, grew 7.2% to $165 million.

 

“We are pleased to report that in the second quarter, we continued to execute on our strategic priorities, and delivered another quarter of consistent, quality earnings growth,” said Bob Moran, CEO and president. “Our results for the second quarter have exceeded our goals, and demonstrate our ability to drive and deliver solid earnings growth, while continuing to invest in innovative product offerings and strengthening our brand.”

“We are very pleased with our performance for the second quarter in delivering strong operating results while also maintaining a healthy balance sheet,” said Chip Molloy, SVP and CFO. “For the full year, we are maintaining our comparable store sales expectations of low- to mid-single digits and raising our earnings per share guidance from $1.91 to $1.99. For the third quarter, we anticipate comparable-store sales in the mid-single digits and earnings per share of 35 cents to 39 cents.”