PetSmart, Inc., reported raising its earnings per share expectations for the full year from a range of $2.46 to $2.52 per share to a range of $2.50 to $2.54 per share. Its third quarter comp store sales are reported up 6.1 percent and the earnings per share climbed 32 percent over the year-ago period.
“For the full year, we expect comparable store sales growth on mid-single digits,” said Chip Molloy, senior vice president and chief financial officer. “For the fourth quarter of 2011, we are expecting comparable store sales growth in the low- to mid-single digit range.”
PetSmart reported an overall net income of $56.2 million on sales and $1.5 billion for its third quarter, which ended October 30, 2011. From the year-ago period, Petsmart’s net income was $45.6 million on sales of $1.4 billion. Its total sales for the third quarter increased 8 percent to $1.5 billion.
During the third quarter of 2011, PetSmart reported investing a total of $28 million in capital expenditures, distributed $16 million in dividends, repurchased $70 million of stock and ended the quarter with $333 million in cash and cash equivalents and no borrowings on its credit facility.
Employing approximately 48,000 associates, PetSmart, Inc., has more than 1,197 stores and over 185 in-store PetSmart(R) PetsHotel(R) dog and cat boarding facilities. Trading at PETM, through its in-store pet adoption partnership with PetSmart Charities(R), PetSmart has helped save the lives of more than 4.5 million pets.