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PetSmart raises guidance following Q2 results
PHOENIX — PetSmart’s total sales for the quarter ended Aug. were $1.7 billion, up 5.3% from $1.6 billion for the prior-year period, showing that people are still spending money on their pets despite lingering economic challenges and cautious shopping behavior trends evident in other sectors.
Comparable-store sales, or sales in stores open at least a year, grew 3.4%, benefitting from comparable transactions growth of 1%. Services sales, which are included in total sales, grew 7.3% to $205 million.
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PetSmart Q2 income tops estimates; raises full-year outlook
Phoenix -- PetSmart said Wednesday that its second-quarter net income rose 19% on improved sales. The retailer also boosted its full-year earnings forecast.
PetSmart Inc. earned $93.4 million for the period ended Aug. 4, compared to $78.5 million a year ago.
Revenue rose 5.3% to $1.71 billion from $1.62 billion. Services sales, which are included in total sales, grew 7.3% to $205 million.
Same-store sales increased 3.4%.