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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.