FINANCE

PetSmart Q3 profit up 22%

BY Staff Writer

Phoenix — PetSmart Inc. reported Thursday that net income for the quarter ended Oct. 30 rose 22% to $56.2 million, from $45.6 million a year earlier.

Revenue rose nearly 8% to $1.5 billion from $1.4 billion, just beating Wall Street’s expected $1.49 billion in revenue. Same-store sales increased 6.1%.

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FINANCE

Children’s Place sales, profits up in Q3

BY Staff Writer

Secaucus, N.J. — The Children’s Place Retail Stores reported Thursday that net income increased to $33.7 million for the quarter ended Oct. 29, up from $31.2 million a year earlier.

Sales rose 7% to $484.1 million from $453.4 million. Same-store sales edged up 0.9%.

President and CEO Jane Elfers said the improved profit and sales picture was attributable to a combination of enhanced merchandise offerings, a honed focus on inventory management and “momentum from our other strategic growth initiatives which enabled us to drive sales and expand margin despite significantly higher product costs and a difficult macroeconomic environment," said Elfers.

During the third quarter, The Children’s Place opened 18 stores and closed two. Fiscal year-to-date 2011, the company has opened 88 stores and closed seven.

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FINANCE

Stein Mart swings to loss in Q3

BY Staff Writer

Jacksonville, Fla. — Stein Mart Inc. reported Thursday that it moved to a loss in the quarter ended Oct. 29, recording a loss of $1.8 million compared with a profit of $4.3 million a year earlier.

Gross profit margin fell to 23.8% from 25.4%, due mainly to increased markdowns and higher buying costs.

Revenue dropped 4% to $258.5 million from $267.9 million, a consistent trend since 2007. Same-store sales fell 2.9%.

"Promotions will continue to be an important driver of customer foot traffic, but we need to get back to being an every day value merchandise focused retailer," interim CEO Jay Stein said in a statement.

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