PetSmart Q1 profit up 12%

Phoenix PetSmart said Wednesday its first-quarter profit rose 12% on higher merchandise and service sales.

The company earned $46.3 million, compared with profit of $41.2 million during the same period a year prior. Revenue increased 9% to $1.33 billion from $1.21 billion. The fiscal 2009 first quarter ended May 3 and the full year ends in January.

“With a solid first quarter performance, our results continue to validate the strength of our commitment to providing differentiated solutions at a great value," said Phil Francis, chairman and CEO.

PetSmart said its merchandise sales grew 9% to $1.18 billion, and pet-service sales grew 10% to $142.8 million.

Same-store sales increased 3.9%.

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