PetSmart Posts Top-Line Beat as Sales Expand

By EarningsFOXBusiness

PetSmart (NASDAQ:PETM) revealed a better-than-expected 20% surge in fourth-quarter profit on Wednesday and predicted further earnings growth in the current fiscal year.

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The pet store chain reported net income of $132 million, or $1.28 a share, compared with $115 million, or $1.07 a share, in the year-earlier period.

Analysts on average were calling for earnings per share of $1.21.

Revenue for the three-month period increased 2.9% to $1.8 billion, compared with the Street’s view of $1.83 billion, while same-store sales, a key metric of sales at stores open longer than a year, grew 1.2%.

"We are pleased to report our results for fiscal year 2013, marking the fourth consecutive year of double-digit earnings per share growth," PetSmart CEO David Lenhardt said in a statement.

Shares of PetSmart were up 0.50% to $68 in pre-market trade.

For fiscal 2014, the pet retailer is anticipating earnings in the range of $4.42 to $4.54, sharply above analyst estimates of $3.96, on sales growth between 4% and 6%.

The firm is expecting first-quarter non-GAAP EPS between 99 cents and $1.03, below the consensus view of $1.07.

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