05 September 2014

PetSmart Announces Second Quarter 2014 Results

PetSmart Inc. announced its financial results for the second quarter of 2014, and affirmed guidance for the fiscal year 2014. 

Earnings of $0.98 per share were up 10.1% compared to $0.89 per share in the second quarter of 2013. Net income increase 5.1% to $98.1 million, compared to $93.4 million in the prior year period. Net sales for the second quarter of 2014 increase 1.4% to $1.7 billion. Comparable store sales decreased 0.5% with comparable transactions decreasing 2.6%. Services sales, which are included in net sales, grew 4.7% to $214 million. 

"While we face many of the same headwinds affecting other retailers, we continue to deliver extraordinary value to our customer and achieve strong earnings and cash flows," said PetSmart president and CEO David Lenhardt. " We are focused on leveraging our competitive strengths, including superior customer focus and loyalty, and capitalizing on the continued growth of the specialty channel." 

News of the Pet360 acquisition was also announced during the PetSmart quarterly earnings call. Other forward-looking initiatives announced by PetSmart include broadening its assortment of grocery store and mass brands as well as introducing more proprietary and exclusive brands. 

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