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Pet Food News
On March 8, 2013

PetSmart reports fourth-quarter, fiscal 2012 financial results

Fourth-quarter 2012 earnings per share up 36 percent, total sales up 15 percent

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.

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