PetSmart Q3 Profit Rises, Tops Estimate; Lifts FY EPS View - Quick Facts

(RTTNews) - Pet products retailer PetSmart Inc. (PETM) reported that its third-quarter net income increased to $92.22 million or $0.88 per share, from $82.32 million or $0.75 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.86 per share. Analysts' estimates typically exclude special items.

Net sales for the quarter rose to $1.70 billion from $1.63 billion in the prior year quarter. Twenty three analysts had consensus revenue estimate of $1.70 billion for the quarter.

Comparable store sales, or sales in stores open at least a year, grew 2.7%, including comparable transactions growth of 0.2%. Services sales, which are included in total sales, grew 5.2% to $184 million.

Looking ahead for fourth quarter of 2013, the company anticipates earnings per share to be in the range of $1.19 to $1.23. The company expects total sales will decline 2% and 3%. On a 13 to 13-week basis, the company expects total sales growth to be between 4% and 5%. Comparable store sales growth of 2.5% to 3.5%. Analysts expect the company to report earnings of $1.24 per share and revenues of $1.85 billion for the fourth-quarter.

Fiscal year 2013 is a 52-week year, the company projects earnings per share to be in the range of $3.94 to $3.98, and total sales growth of approximately 3%. On a 52 to 52-week basis the company anticipate total sales growth of approximately 5%. It expects comparable store sales growth of 3% to 3.5%. Analysts expect the company to report earnings of $3.97 per share and revenues of $6.97 billion for fiscal 2013.

The company said in October that it continued to expect earnings in the range of $3.88 to $3.98 per share, with both total and comparable-store sales growth ranging between 3 percent and 4 percent for full year 2013.