PetSmart Earnings Beat Estimates; Guidance Raised
Aug 21st 2013 4:29PM
Updated Aug 21st 2013 4:32PM
Phoenix-based PetSmart 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.
The article PetSmart Earnings Beat Estimates; Guidance Raised originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends PetSmart. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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