PetSmart Inc., announced today financial results for the first quarter of 2014 with reported earnings up 6.1% to $1.04 per share and total sales up 1.1%.
Net income increased 1.3% to $104 million, compared to $102 million in the first quarter of 2013. Net sales for the first quarter of 2014 increased 1.1% to $1.7 billion. Comparable store sales, or sales in stores open for at least one year, including online sales, fell $0.6%, with comparable transactions decreasing 2.2%. Services sales, which are included in net sales, grew 4.5% to $200 million.
The company generated $137 million in cash flows from operating activities, spent $32 million in capital expenditures, distributed $20 million in dividends and repurchased $130 million of PetSmart stock. PetSmart Inc., ended the quarter with $301 million in cash, cash equivalents and restricted cash and zero borrowings on its credit facility.
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