PetSmart raises guidance ahead of analyst presentation

PHOENIX — Ahead of its analyst and investor presentation Thursday, PetSmart announced that it is raising its third quarter guidance.

The company said it now expects earnings per share for the third quarter to range from 46 cents to 48 cents. Initial guidance called for an EPS range of 41 cents to 45 cents. For the full year, earnings per share guidance is increasing to $2.46 to $2.52 from a previous range of $2.40 to $2.48.

"Our focus is on providing our pet parents with the right solutions through our broad assortment and unmatched customer experience, all at a great value," said Bob Moran, president and CEO. "The favorable momentum in our business is the result of our differentiation, which is at the core of our brand and sets us apart from the competition."

Chip Molloy, SVP and CFO PetSmart added that comparable-store sales for the third quarter are expected to increase between 5.5% to 6%, compared with a previous range of 3 - 4%.”