For the quarter, earnings per share were up 26% to $0.77. Comparable
store sales, or sales in stores open at least a year, grew 6.3%,
benefitting from comparable transactions growth of 4.4%. Total sales for
the quarter were up 8.1% to $1.5 billion, partially impacted by $4
million in favorable foreign currency fluctuations. Services sales,
which are included in total sales, grew 7.2% to $152 million.
For the year, the company delivered earnings per share of $2.01, up 26%
compared to $1.59 last year. Comparable store sales grew 4.8%,
benefitting from comparable transactions growth of 2.1%. Total sales for
the year were $5.7 billion, up 6.7%, including a favorable impact from
foreign currency fluctuations of $25 million, and services sales grew
7.5% to $619 million.
During the year, the company generated $458 million in operating cash
flow and spent $125 million in capital expenditures. In addition, the
company repurchased $263 million of PetSmart stock during 2010, with
$100 million repurchased during the fourth quarter. The company also
distributed $53 million in dividends during 2010, ending the year with
$353 million in cash, cash equivalents and restricted cash and zero
borrowings on its credit facility.
"We are pleased to report that we exceeded our goals for 2010 and
delivered record results," said Bob Moran, Chief Executive Officer and
President. "Our third consecutive quarter of accelerating comparable
transactions growth as well as a strong holiday performance led to
better-than-expected results for the quarter."
PetSmart management has scheduled a teleconference for 4:30 p.m. EST on
March 2, 2011, to discuss results for the fourth quarter and fiscal year
2010. This teleconference will be webcast live for all investors at http://www.petm.com/ or http://www.streetevents.com/
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