PetSmart (UNKNOWN:PETM.DL) is in a good place heading into Wednesday's quarterly report.

Analysts see revenue climbing 6%, but they see profitability growing more than twice as fast. It's hard to call Wall Street ambitious here because PetSmart has landed ahead of where the pros have taken a catnap in each of the past four quarters.

In this video, longtime Fool contributor Rick Munarriz -- and his Cocker Spaniel -- explore the reasons why PetSmart may not necessarily be expensive at 18 times this year's projected earnings.