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PetSmart benefits from continued growth in pet supply category

PetSmart’s third quarter results benefited from consumers who continue spending money on their pets despite a still-challenging consumer environment.

The company’s earnings per share jumped 17.3% to $0.88 from $0.75 in the third quarter of 2012. Net income totaled $92 million for the quarter, compared to $82 million in last year’s third quarter.

The company reported total sales for the third quarter of $1.7 billion, a 4% increase from the year-ago quarter. Comparable store sales grew 2.7%, including comparable transactions growth of 0.2%. Services sales, which are included in total sales, grew 5.2% to $184 million.

“Given the challenged consumer environment during the quarter, we are pleased with our results and level of execution,” said CEO David Lenhardt. “Our performance demonstrates the strength and stability of our business.”

For the fourth quarter, the company anticipates comparable-store sales growth of 3% to 3.5% and total sales growth of approximately 3%.
 

 

 

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