Pet Food News

PetSmart announces 2010 earnings, 2011 sales forecast

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.

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