PetSmart reports ‘solid’ Q1
PHOENIX — PetSmart reported a net income of $102 million for the first quarter ended May 5, a 7.4% increase from $95 million during the same period last year.
Total sales increased 5% to $1.7 billion, while comparable store sales grew 3.5%, benefitting from comparable transactions growth of 0.8%.
“We are pleased to report another quarter of solid earnings growth,” said chairman and CEO Bob Moran. “Our focus on providing solutions for the lifetime needs of pets has kept our pet parent customers highly engaged with our brand, resulting in positive comparable store sales growth and transaction growth.”
Because the annual guidance for 2013 is for 52 weeks versus 53 weeks in 2012, the company anticipates comparable store sales growth of 3% to 4% and total sales growth of 3% to 4% for fiscal year 2013.
PetSmart operates more than 1,289 pet stores in the United States, Canada and Puerto Rico, more than 196 in-store PetSmart PetsHotel dog and cat boarding facilities and is a leading online provider of pet supplies and pet care information.