PetSmart Reports 31% Increase in Q4 Profit (PETM)
Although PetSmart Inc. (NASDAQ: PETM) reported a 31% jump in fiscal fourth-quarter profits, thanks to one extra sales-week during the period, shares of the pet supply retailer slumped nearly 9% in aftermarket fours as guidance on the current fiscal fell short of Street’s estimate.
For the fiscal fourth quarter ended Feb 3, the Phoenix-based Company reported a profit of $134 million or $1.24 a share, compared to a profit of $102 million or 91 cents a share, in the year-earlier quarter.
Analysts’ consensus estimate was for earnings of $1.22 a share.
Revenue during the period climbed 15% to $1.88 million from $1.64 million. One additional sales week along with increase in shopping from consumers bolstered total sales, said the company. However, revenue missed analysts’ consensus forecast of $1.89 billion, according to a data compiled by FactSet Research.
Same-store sales, a key gauge on retailer’s performance, increased 4.6%.
In fiscal 2012, which had 53 working weeks, revenue climbed 11% to $6.8 billion. For the current fiscal, the Company is little cautious as it expects revenue growth to be around 2% to 4%. Analysts were expecting revenue growth of 4% which translates into revenue of $7.1 billion.
PetSmart expects earnings to be in the range of $3.76 a share to $3.92 a share compared to $3.55 a share reported in the fiscal 2012. The company’s earnings outlook is below the consensus forecast of $3.97 a share.
Same-store sales are also expected to show slower growth rate, according to company forecast. The Company expects sales growth at established stores to be in the range 2% to 4% while Street’s consensus estimate was for sale growth of 6.3%.
In the current quarter, PetSmart anticipates earnings to be between 92 cents a share and 98 cents a share , which is in-line with analysts’ estimate.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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