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PetSmart net income grows in Q1; same-store sales miss
Phoenix – PetSmart Inc. posted a 1.3% increase in net income during the first quarter of fiscal 2014, rising to $104 million from $102 million in the first quarter of the prior year. Net sales increased 1.1% to $1.7 billion, but same-store sales missed Wall Street expectations by falling 0.6%.
PetSmart cited a challenging and volatile consumer environment and a competitive market as contributing to its weaker-than-anticipated same-store sales results.
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Sears launches promotional Web series
Hoffman Estates, Ill. – Sears, Roebuck and Co. is launching a new promotional Web series starting reality TV stars Sean and Catherine Lowe and Sears celebrity designer Ty Pennington. Customers and Shop Your Way loyalty members will be asked to design the patio of the couple's new home via this Web series from Sears outdoor living.