PetSmart Q1 Profit Rises; Cuts FY14 Outlook - Quick Facts

(RTTNews) - PetSmart Inc. (PETM) reported that its first-quarter net income increased to $103.77 million or $1.04 per share, from $102.42 million or $0.98 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.01 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose to $1.73 billion from $1.71 billion in the prior year quarter. Twenty two analysts had consensus revenue estimate of $1.77 billion for the quarter.

Comparable store sales, or sales in stores open at least one year, including online sales, fell 0.6%, with comparable transactions decreasing 2.2%. Services sales, which are included in net sales, grew 4.5% to $200 million.

For the second quarter 2014, the company expects earnings per share to be in the range of $0.92 to $0.96, and comparable store sales growth flat to slightly down. Analysts expect the company to report earnings of $1.00 per share and revenues of $1.78 billion for the second-quarter.

Looking ahead for fiscal 2014, the company now expects earnings per share to be between $4.29 to $4.39, on net sales growth in the low-single digits and comparable store sales relatively flat. Street currently is looking for fiscal year 2014 earnings of $4.45 per share on annual revenues of $7.25 billion.

The company said in March that it expected earnings to be in the range of $4.42 to $4.54 per share, on projected sales growth of 3 to 6 percent and comparable store sales growth of 2 to 4 percent for fiscal 2014.