PetSmart LLC

Phoenix -- PetSmart Inc. reported Thursday that profit for the fourth quarter rose 13% to $102 million, compared with $90.3 million in the year-ago period.

Revenue during the quarter was $1.64 billion, up from $1.52 billion a year earlier and beating Wall Street’s expected $1.62 billion in revenue. Same-store sales rose 5.5%.

For the full year of 2011, the company reported net income of $290.2 million, up from $239.9 million in 2010. Revenue for the year was $6.11 billion, up from $5.69 billion the year before.

Target chairman, president and CEO Gregg Steinhafel was elected chairman of the board of the Retail Industry Leaders Association (RILA).

Steinhafel previously served as the board’s vice chairman and in his new capacity succeeds former RILA board chairman Bill Rhodes, chairman, president and CEO of AutoZone. 

PHOENIX — PetSmart CEO Robert Moran has taken on the additional role of chairman of the board, the company announced Friday. Moran has been the company's president and CEO since 2009, and served as president and COO from 2001 to 2009. Phil Francis, previously executive chairman, will remain a member of the board.

Phoenix -- PetSmart said Friday it has appointed current CEO Robert Moran to also serve as the company’s chairman of the board. Moran, 61, has been president and CEO since 2009, and served as president and COO from 2001 to 2009.

The board of directors also appointed David K. Lenhardt as the company’s new president and COO. Lenhardt, 42, has been with PetSmart since 2000, most recently as executive VP, over store operations, human resources and information systems.

Seattle -- Nordstrom announced plans to open a Nordstrom Rack in Huntington Beach, Calif.

The approximately 34,000-sq.-ft. location is scheduled to open during fall 2012 at Edinger Plaza, where it will join anchor tenants Dick's Sporting Goods, Michaels and PetSmart. The center is owned and managed by Watt Companies with Wilson Commercial Real Estate handling leasing.

When it opens, the Edinger Plaza store will be the fifth Nordstrom Rack in Orange County. Nordstrom also operates six full-line stores in the area.

Oak Brook, Ill. -- Inland Western Retail Real Estate Trust has announced the acquisition of Alamo Ranch in a joint venture with RioCan Real Estate Investment Trust. The 469,031-sq.-ft. shopping center is located in San Antonio, Texas, and was purchased for approximately $92.2 million.

PHOENIX — Even in a tough economy, consumers are reluctant to cut back spending on their pets, as was made clear by PetSmart's whopping 32% growth in earnings and strong sales performance during the third quarter.

The retailer reported reported earnings of 50 cents per share, up 32% compared with 38 cents per share in the third quarter of 2010. Net income totaled $56 million in the third quarter of 2011, compared with $46 million in the third quarter of 2010.

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%. 
 

In its seventh year, the annual Top Redevelopers survey took a little turn. Chain Store Age’s coverage of the prior year’s redevelopment highlights has been expanded to include an additional six-month period in order to make the results as current as possible. So, instead of covering redevelopment projects that occurred during calendar year 2010, this year’s results include the first six months of 2011, as well.


PHOENIX — Ahead of its analyst and investor presentation Thursday, PetSmart announced that it is raising its third quarter guidance.

The company said it now expects earnings per share for the third quarter to range from 46 cents to 48 cents. Initial guidance called for an EPS range of 41 cents to 45 cents. For the full year, earnings per share guidance is increasing to $2.46 to $2.52 from a previous range of $2.40 to $2.48.