PetSmart, Inc., is reporting their biggest market share gain in 10 years recently, with shares rising 13 percent to $62.99, which is the company’s biggest daily percentage gain since July of 2002.
David Schick, Stifel, Nicolaus & Company analyst, shared, “The sector has remained impressively (Wal-Mart) and (Amazon) proof.” He added that the PetSmart sales gain was the highest since quarter one of 2004 and at least its 53rd straight quarterly increase.
In a recent press release, it was revealed that retailers such the Kmart chain have expanded their pet gear section and are now selling pet prescription drugs. Analysts are revealing that PetSmart is more insulated that its competition because shoppers who frequent specialty retailers tend to have a higher-than-average income.
PetSmart recently revealed an exclusive line of toys with the Toys “R” Us Pets label and will be launching a pet gear line inspired and designed by rock star and entrepreneur, Bret Michaels. The chain opened more stores including PetsHotel, which brings their totals to 1,241 stores with 194 hotels. Additionally, PetSmart has set up Banfield pet hospitals in almost 800 of its stores. Trading as 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.
Credit Suisse analyst Gary Balter, shared, “The combination of its physical convenience, merchandising acumen, private label offering, multiple in-store services and strong customer service is helping drive traffic (foot and paws).”
PetSmart, Inc. is the largest specialty pet retailer of services and solutions for the lifetime needs of pets. The company employs approximately 50,000 associates and is a leading online provider of pet supplies and pet care information. More information may be found at www.petsmart.com.