EARNINGS: PetSmart Investors LOVE Fifth Consecutive Quarter of Double-Digit Growth
PetSmart Inc (NASDAQ:PETM) reported its results for the second quarter. PetSmart is a specialty provider of products, services, and solutions for the lifetime needs of pets. The company offers a line of products for all the life stages of pets and offers various pet services.
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PetSmart Inc Earnings Cheat Sheet
Results: Net income for PetSmart Inc rose to $78.5 million (71 cents per share) vs. $61.2 million (54 cents per share) in the same quarter a year earlier. This marks a rise of 28.3% from the year-earlier quarter.
Revenue: Rose 8.9% to $1.62 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: PetSmart Inc fell short of the mean analyst estimate of 73 cents per share. Analysts were expecting revenue of $1.6 billion.
Quoting Management: “Our performance in the second quarter was due to strength across all three merchandising categories, as well as across services,” said Bob Moran, Chairman and Chief Executive Officer. “We’ve built a culture of innovation and differentiation, showing our customers how we’re different from the competition, and how we offer the best choice.”
The company has now seen its net income rise for three quarters in a row. In the first quarter, net income rose 33.5% and in the fourth quarter of the last fiscal year, the figure rose 13%.
Revenue has risen for the last four quarters. Revenue increased 9.4% to $1.63 billion in the first quarter. The figure rose 7.7% in the fourth quarter of the last fiscal year from the year earlier and climbed 7.9% in the third quarter of the last fiscal year from the year-ago quarter.
The company fell short of forecasts after beating estimates in the previous two quarters. In the first quarter, it topped the mark by one cent, and in the fourth quarter of the last fiscal year, it was ahead by 2 cents.
Looking Forward: Expectations for the company’s next-quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the third quarter has risen to 64 cents per share from 63 cents. The average estimate for the fiscal year is $3.13 per share, a rise from $3 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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