PetSmart Q3 Profit Tops Estimate

(RTTNews) - PetSmart, Inc. (PETM) reported net income for the third quarter of $92.2 million or $0.92 per share, compared to $92.2 million or $0.88 per share for the year-ago quarter.

Excluding one-time costs associated with the company's profit improvement program, adjusted net income for the latest quarter was $102.2 million or $1.02 per share.

Net sales for the third quarter rose 2.6% to $1.74 billion from $1.70 billion in the same quarter last year. Same-store sales for the quarter were flat, with average ticket increasing 2.4%, and comparable transactions decreasing 2.4%. Services sales grew 6.0% to $195.3 million.

Analysts polled by Thomson Reuters expected the company to earn $0.94 per share on revenue of $1.73 billion for the third quarter. Analysts' estimates typically exclude special items.

Looking forward to the fourth Quarter, the company forecasts same-store sales growth slightly positive, earnings per share of $1.30 to $1.34 and adjusted diluted earnings per share of $1.34 to $1.38. Analysts currently expect the company to earn $1.37 per share for the fourth quarter.

For the fiscal year 2014, the company now forecasts same-store sales growth relatively flat, net sales growth in the low-single digits, earnings per share of $4.24 to $4.29 and adjusted earnings per share of $4.39 to $4.43. Previously, the company forecast relatively flat same-store sales, sales growth in the low-single digits and earnings of $4.29 to $4.39 per share. Analysts currently expect the company to earn $4.33 per share on sales growth of 1.7% for the fiscal year 2014.