PetSmart reported its financial results for the fourth quarter and fiscal year 2010, and forecast the company's sales for 2011.
For the fourth quarter, earnings per share were up 26% to US$0.77. Comparable store sales, or sales in stores open at least a year, increased 6.3% helped by comparable transactions growth of 4.4%, according to the company. Total sales for the quarter were up 8.1% to US$1.5 billion, partially impacted by US$4 million in favorable foreign currency fluctuations. Services sales, which are included in total sales, increased 7.2% to US$152 million.
For fiscal year 2010, PetSmart's earnings per share rose 26% to US$2.01 from US$1.59 the previous year. Comparable store sales grew 4.8%, benefiting from comparable transactions growth of 2.1%. The company reported total sales for fiscal 2010 were up 6.7% to US$5.7 billion, including a favorable impact from foreign currency fluctuations of US$25 million. For the year, services sales rose 7.5% to US$619 million.
“For all of 2011, we anticipate comparable store sales growth in the 3% to 4% range, and total sales growth in the mid-single digits range,” said Chip Molloy, senior vice president and chief financial officer.