PetSmart 4Q profit rises 9 percent |
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Wed, 28 Feb 2007 23:00
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PHOENIX (AP) - Pet products retailer PetSmart Inc. on Wednesday said fourth-quarter profit rose 9 percent, lifted by growing demand for its pet services and stronger sales at its established stores.For the quarter ended Jan. 28, net income increased to $76.9 million, or 56 cents per share, from $70.9 million, or 50 cents per share, in the year-earlier period. Excluding one-time benefits in both quarters, earnings were 54 cents per share, versus 47 cents a year ago.Sales rose 11 percent to $1.67 billion from $1.05 billion a year ago, boosted by a 22 percent jump in pet services revenue to $97.2 million.Sales at stores open at least one year -- a closely watched gauge of a retailer's performance, called same-store sales -- climbed 4.6 percent in the recent quarter.Analysts polled by Thomson Financial expected earnings of 56 cents per share on $1.17 billion in sales.The company also announced plans to exit its State Line Tack horse business to make room for higher margin products. The unit contributed to about 2 percent of the $4.23 billion sales booked in 2006.'The horse business operates quite differently than our core pet business, attracts a different customer and doesn't perform as well,' said Phil Francis, chairman and chief executive, in a statement.The company's stock ended unchanged at $30.21 on the Nasdaq Stock Market.For the full fiscal year, PetSmart said it earned $185.1 million, or $1.33 per share, on $4.23 billion in sales, compared with $182.5 million or $1.25 per share, on $3.76 billion in sales last year.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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