Pet supplies retailer PetSmart Inc (PETM), Wednesday reported first-quarter net income of $102.4 million or $0.98 per share, compared to $94.7 million or $0.85 per share in the comparable quarter last year. On average, 25 analysts polled by Thomson Reuters expected earnings of $0.96 per share for the quarter. Analysts' estimates typically exclude special items.
PetSmart's total sales grew 5.0 percent to $1.71 billion from $1.63 billion last year, while 22 analysts estimated revenues of $1.72 billion for the quarter.
The increase in net sales was partially impacted by $2 million in unfavorable foreign currency fluctuations.
Comparable store sales, or sales in stores open at least a year, grew 3.5 percent, benefitting from comparable transactions growth of 0.8 percent.
Looking forward to the second quarter of 2013, PetSmart expects earnings of $0.82 to $0.86 per share and comparable store sales growth of 3 to 4 percent. Analysts currently estimate earnings of $0.85 per share for the quarter.
For full year 2013, the company raised its earnings guidance to $3.82 per share to $3.94 per share from its previous range of $3.76 per share to $3.92 per share. The company anticipates total sales growth of 3 to 4 percent. Analysts now estimate earnings of $3.91 per share for the year.
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