FINANCE

PetSmart has better fiscal year than Q4

BY Dan Berthiaume

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.”

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FINANCE

Sales declines impact Weis Markets

BY Dan Berthiaume

Sunbury, Pa. – Declining sales across a variety of categories negatively affected year-over-year fiscal performance of Weis Markets Inc. during the fourth quarter and fiscal year 2013. Net income declined 29% to $15.7 million from $22.1 million during the quarter, and dropped 13% to $71.7 million from $82.5 million during the year.

In addition, net sales declined 1% to $686.4 million from $694.3 million for the quarter, and decreased slightly to $2.69 billion from $2.7 billion for the year. Same-store sales dropped 3.5% for the quarter and shrank 2.6% for the year.

Weis Markets attributed its disappointing performance to stagnant sales performance in key center store categories, lower same-store gas sales due to significant fuel price deflation, a shortened holiday selling season and a decline in food stamp/SNAP sales. In addition, the company said net income in the quarter was affected by the recognition of a $680,000 future liability associated with the lease commitment of a closed store property, and net income in the year was impacted by was impacted by a $6.1 million charge for the separation agreement of its former CEO, a $2.1 million impairment loss for four properties.

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OPERATIONS

Dunkin’ Brands extends CEO contract through 2018

BY Dan Berthiaume

Canton, Mass. – Dunkin’ Brands Group Inc, the parent company of Dunkin’ Donuts and Baskin-Robbins, today announced the extension of Chairman and CEO Nigel Travis’s employment contract through December 2018. Travis, 64, whose contract previously ran through December 2016, joined Dunkin’ Brands as CEO in December 2008.

"Nigel has done an outstanding job at Dunkin’ Brands over the past five years," said Dunkin’ Brands lead director Raul Alvarez. "Since 2009, under the leadership of Nigel and his management team, Dunkin’ Brands’ nearly 100% franchised system has delivered a compounded annual growth rate of 6.2% in systemwide sales, had strong comparable store sales, added almost 3,300 net new Dunkin’ Donuts and Baskin-Robbins restaurants, and returned approximately $650 million to shareholders during its two-and-a-half years as a public company. Going forward, the company is well positioned for future growth, and Nigel and his team remain focused on driving franchisee profitability and delivering shareholder value."

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