PetSmart Q2 Profit Rises; Lifts FY13 EPS View - Quick Facts

(RTTNews) - PetSmart, Inc. (PETM) reported that its second-quarter net income increased to $93.37 million or $0.89 per share, from $78.52 million or $0.71 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.86 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter grew to $1.71 billion from $1.62 billion in the prior year quarter. Twenty three analysts had consensus revenue estimate of $1.71 billion for the quarter.

Comparable store sales, or sales in stores open at least a year, grew 3.4%, benefitting from comparable transactions growth of 1.0%. Services sales, which are included in total sales, grew 7.3% to $205 million.

For the third quarter of 2013, the company expects comparable store sales growth to be in the 3% to 4% range, and earnings per share between $0.83 to $0.87. Analysts expect the company to report earnings of $0.81 per share for the third-quarter.

The company raised its fiscal year 2013 earnings per share guidance to a range of $3.88 to $3.98 from a previous range of $3.82 to $3.94. Analysts expect the company to report earnings of $3.95 per share for fiscal 2013. The company anticipates comparable store sales growth of 3% to 4%, and total sales growth of 3% to 4% for fiscal year 2013.

The annual guidance for 2013 is for 52 weeks versus 53 weeks in 2012.