PetSmart Posts Q4 Net Profit Of $132 Mln Or $1.28/shr - Quick Facts

(RTTNews) - Pet supplies retailer PetSmart, Inc. (PETM) announced $132 million, or $1.28 per share of net income in the fourth quarter 2013, versus $134 million, or $1.24 per share reported in the 14-week quarter last year. On average, 26 analysts polled by Thomson Reuters expected earnings per share of $1.21 for the quarter. Analysts' estimates typically exclude one-time items. For the prior year 13-week quarter, proforma net income totaled $115 million, or $1.07 per share.

The firm clocked total sales of $1.8 billion in the quarter, up 2.9%, compared with the prior year's $1.88 billion, whereas 23 analysts estimated revenues of $1.83 billion. Comparable-store sales, or sales in stores open at least a year plus internet sales, improved by 1.2%; and services sales, that are included in net sales, grew 2.6% to $186 million.

Fourth-quarter 2013 was a 13-week quarter, and fourth-quarter 2012 was a 14-week quarter. In 2012, the extra week represented an additional $126 million in net sales, $48 million in gross margin, $18 million in OG&A, $30 million in earnings before tax, and $0.17 in earnings per share, the company said.

For the first quarter of 2014, earnings per share were estimated to lie between $0.99 and $1.03, on comparable-store sales growth of low-single digits. Analysts project first-quarter earnings per share of $1.07.

Looking ahead to fiscal 2014, the firm expects earnings per share between $4.42 and $4.54, net sales growth of 4% - 6% and comparable-store sales growth of 2% - 4%. Analysts anticipate annual earnings per share of $4.45.