Petfood and suppliers retailer PetSmart reported financial results for the fourth-quarter and fiscal-year 2012, and provided an outlook for 2013.
For the fourth quarter, earnings per share rose 36 percent to US$1.24. Comparable store sales, or sales in stores open at least a year, grew 4.6 percent, thanks to comparable transactions growth of 1.2 percent. Total sales for the quarter rose 15 percent to US$1.9 billion, partially impacted by US$3 million in favorable foreign currency fluctuations. Services sales, which are included in total sales, grew 15 percent to US$194 million.
For fiscal 2012, the company delivered earnings per share of US$3.55, up 39 percent compared to US$2.55 in fiscal 2011. Comparable store sales grew 6.3 percent, benefitting from comparable transactions growth of 2.4 percent. Total sales for the year rose 11 percent to US$6.8 billion, including an unfavorable impact from foreign currency fluctuations of US$2 million, and services sales grew 10 percent to US$740 million.
According to Chip Molloy, executive vice president and chief financial officer: “Guidance for 2013 will be on a GAAP basis; therefore all comparisons will be 52 weeks for fiscal-year 2013 versus 53 weeks for fiscal-year 2012. For 2013, we anticipate comparable store sales growth of 2 percent to 4 percent and total sales growth of 2 percent to 4 percent. We expect earnings per share between US$3.76 to US$3.92, and spending for capital expenditures projects to be between US$140 million to US$150 million.
"For the first quarter of 2013, we are expecting comparable store sales growth of 2 percent to 4 percent, and earnings per share between US$0.92 to US$0.98.”
The fourth-quarter and fiscal-year 2012 results include an extra week in 2012 compared to 2011. The fourth quarter of fiscal-year 2012 was a 14-week quarter versus the fourth quarter of fiscal-year 2011, which was a 13-week quarter. Fiscal-year 2012 was a 53-week year versus fiscal-year 2011, which was a 52-week year. Both the fourth-quarter and fiscal-year 2012 ended on February 3, 2013. The fourth-quarter and fiscal-year 2011 ended on January 29, 2012.
The mid-year meeting addressed several regulatory matters affecting petfoods
Committees discussed key proposals such as a possible shift in the oversight of animal feeds
Public meetings invited comments and provided updates
While petfood shoppers continue to show strong brand loyalty, pet products have not been immune to the store brand swing
There's a disconnect between consumers' confidence in petfoods and their knowledge of what makes the foods nutritious
Read more of Dr. Mukund Parthasarathy's insights on the changing petfood retail market and how it affects petfood manufacturers large and small
--- Thank you for your patience ----
If you have any issues logging in or any other need feel free to contact us.