PetSmart Reports Increased Earnings

PetSmart, Inc. (NASDAQ: PETM) today reported earnings of $0.54 per share, up 32% compared to $0.41 per share in the second quarter of 2010. Net income totaled $61 million in the second quarter of 2011, compared to $48 million in the second quarter of 2010.

Total sales for the second quarter of 2011 increased 7.0% to $1.5
billion. The increase in net sales was partially impacted by $6 million in favorable foreign currency fluctuations. Comparable store sales, or sales in stores open at least a year, grew 5.0%, benefiting from comparable transactions growth of 2.0%. Services sales, which are included in total sales, grew 7.6% to $178 million.

During the second quarter, the company generated $109 million in
operating cash flow, spent $20 million in capital expenditures, distributed $14 million in dividends, and repurchased $63 million of PetSmart stock. The Company ended the quarter with $321 million in cash, cash equivalents and restricted cash and zero borrowings on its credit facility.

"The strength of our brand was evident with another quarter of solid performance," said Bob Moran, Chief Executive Officer and President, "and validates the work that we are doing on our journey to becoming a
best-in-class specialty retailer."

"For all of 2011, we expect comparable store sales growth in the low- to
mid-single digit range, and total sales growth in the mid-single digit range. We are raising our earnings per share guidance from a previous range of $2.32 to $2.42 to our current expectations of $2.40 to $2.48," said Chip Molloy, Senior Vice President and Chief Financial Officer.  "For the third quarter of 2011, we are expecting comparable store sales growth in the 3-4% range, and earnings per share between $0.41 and $0.45."

A phone replay of the teleconference and full report will be available through September 17, 2011, 11:59 p.m. EDT, at 888-266-2081 in the United States and Canada, or at 703-925-2533 for international callers, enter code 1543612.

About PetSmart:

PetSmart, Inc. (NASDAQ: PETM) is the largest specialty pet retailer of
services and solutions for the lifetime needs of pets. The company employs approximately 48,000 associates and operates more than 1,197 pet stores in the United States, Canada and Puerto Rico, over 185 in-store PetSmart(R)
PetsHotel(R) dog and cat boarding facilities and is a leading online provider of pet supplies and pet care information ().

PetSmart provides a broad range of competitively priced pet food and pet products; and offers dog training, pet grooming, pet boarding, PetSmart
Doggie Day CampSM day care services and pet adoption services. Since 1994,

PetSmart Charities, Inc., an independent 501(c)(3) non-profit animal welfare
organization and the largest funder of animal welfare efforts in North
America, has provided more than $134 million in grants and programs
benefiting animal welfare organizations. Through its in-store pet adoption partnership with PetSmart Charities(R), PetSmart has helped save the lives of more than 4.5 million pets.

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