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PetSmart has better fiscal year than Q4

Phoenix - PetSmart Inc. had a better fiscal year than fourth quarter 2013, with net income and sales rising during the year but falling during the quarter, compared to the same periods a year earlier. During the fiscal year, net income rose 8% to $419.5 million from $389.5 million, while net sales grew 3% to $6.91 billion from $6.71 billion and same-store sales increased 2.7%.

However, during the fourth quarter net income decreased 2% to $131.5 million from $134 million, and net sales dropped 4% to $1.8 billion from $1.88 billion, although same-store sales grew 1.2%.

Looking ahead, for the fiscal year 2014 PetSmart forecasts same-store sales growth of 2% to 4% and net sales growth of 4% to 6%. During the first quarter of fiscal 2014, PetSmart expects same-store sales growth in the low single digits.

“We are pleased to report our results for fiscal year 2013, marking the fourth consecutive year of double-digit earnings per share growth,” said David Lenhardt, CEO of PetSmart. “I would like to thank our associates for their hard work and caring for our customers and communities.”

© 2014