PetSmart reported its financial results for the first quarter of 2011, announcing growth in total sales and net income over the first quarter of 2010.
The company reported a net income of US$71 million in the first quarter of 2011, compared to US$56 million in the first quarter of 2010. Total sales for the first quarter of 2011 increased by 6.8% to US$1.5 billion. Comparable store sales, or sales in stores open at least a year, grew by 5%, helped by 2.7% growth in comparable transactions, according to the company. Services sales, which are included in total sales, increased 9% to US$167 million.
New shelter data casts doubt on whether the pet population and pet ownership are truly growing.
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