Petfood and supplies retailer PetSmart posted better-than-expected results in its recently released earnings report for third-quarter 2012 and raised its earnings outlook for the rest of the year.
Net income totaled US$82 million in the third quarter of 2012, up from US$56 million in third-quarter 2011. Total sales for the third-quarter 2012 increased 9 percent to US$1.6 billion.
Over the past five years, shares of the company have grown more than 150 percent. Earnings per share for the third quarter of 2012 totaled US$0.75, up 50 percent compared to US$0.50 per share at the same time in 2011. The company raised its earnings-per-share guidance for all of 2012 from the previous range of US$3.30 - $3.40 to US$3.47 - $3.51.
The company also announced that Chip Molloy, executive vice president and chief financial officer, will resign in early 2014 to spend more time with his family. Molloy will continue in his current role until June 2013 and will remain with the company as an advisor until March 2014.
The mid-year meeting addressed several regulatory matters affecting petfoods
Public meetings invited comments and provided updates
Committees discussed key proposals such as a possible shift in the oversight of animal feeds
Now is the time for packagers, producers, marketers and manufacturers to capitalize on the traveling with pets trend
Read more of Dr. Mukund Parthasarathy's insights on the changing petfood retail market and how it affects petfood manufacturers large and small
While petfood shoppers continue to show strong brand loyalty, pet products have not been immune to the store brand swing
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