PetSmart Earnings Beat Estimates; Guidance Raised

Phoenix-based PetSmart (NASDAQ: PETM  ) reported earnings and sales today that both trumped analyst estimates.

PetSmart announced today that fiscal Q2 2013 earnings came in at $0.89 per share, up 25% in comparison to Q2 2012, and significantly ahead of analyst expectations of $0.86. Q2 sales of $1.7 billion likewise exceeded expectations for $1.6 billion, and were up more than 5% in comparison to last year.

CEO David Lenhardt pronounced himself "pleased with our results and level of execution," as PetSmart should see 3.4% gains in comparable store sales, and grew its sales of services by 7.3%.

Looking forward, PetSmart guided investors to expect similar same-store sales growth over the course of the rest of this year -- 3% to 4% -- with total sales growing a similar 3% to 4%. It raised earnings per share guidance from a previous range of $3.82 to $3.94, to a range of $3.88 to $3.98. Analysts had been expecting the company to earn $3.95 for the full year.


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