FINANCE

PetSmart Q1 profit up 12%

BY CSA STAFF

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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Target 1Q EPS down 6.8%

BY CSA STAFF

MINNEAPOLIS Target reported net earnings of $522 million for the first quarter ended May 2, compared with $602 million in the first quarter ended May 3, 2008. Earnings per share in the first quarter decreased 6.8% to 69 cents from 74 cents in the same period a year ago. All earnings per share figures refer to diluted earnings per share.

“Our first quarter earnings per share reflect disciplined execution of our strategy in a difficult environment,” said Gregg Steinhafel, chairman, president and chief executive officer.

Retail sales increased 0.4% in the first quarter to $14.4 billion in 2009 from $14.3 billion in 2008, due to the contribution from new store expansion partially offset by a 3.7% decline in comparable-store sales.

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Sam’s Club offering $15 memberships

BY CSA STAFF

BENTONVILLE, Ark. Sam’s Club has launched a $15 membership program for the summer. The special membership is available for purchase for a limited time between May 20 and June 7, during regular club hours and extends to new Advantage and Business members. Annual membership fees start at $35.

The membership program is part of Sam’s Club’s “100 Days of Summer” campaign promoting savings and tips for enjoying the summer season.

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