PetSmart, Inc. (NASDAQ: PETM) today reported earnings of $0.61 per share, up 33% compared to $0.46 per share in the first quarter of 2010. Net income totaled $71 million in the first quarter of 2011, compared to $56 million in the first quarter of 2010.
Total sales for the first quarter of 2011 increased 6.8% to $1.5 billion. The increase in net sales was partially impacted by $4 million in favorable foreign currency fluctuations. Comparable store sales, or sales in stores open at least a year, grew 5.0%, benefitting from comparable transactions growth of 2.7%. Services sales, which are included in total sales, grew 9.0% to $167 million.
During the first quarter, the company generated $96 million in operating cash flow, spent $31 million in capital expenditures, distributed $14 million in dividends, and repurchased $102 million of PetSmart stock. The Company ended the quarter with $290 million in cash, cash equivalents and restricted cash and zero borrowings on its credit facility.
"We are pleased to report another quarter of solid earnings growth," said Bob Moran, Chief Executive Officer and President. "Our performance in the first quarter reflects the continued momentum in our business and represents another step forward 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 $2.23 to $2.35 to our current expectations of $2.32 to $2.42," said Chip Molloy, Senior Vice President and Chief Financial Officer.
"For the second quarter of 2011, we are expecting comparable store sales growth in the mid-single digit range, and earnings per share between $0.47 and $0.51."
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 1,192 pet stores in the United States, Canada and Puerto Rico, over 184 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 Camp℠ 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 4.4 million pets.
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