PetSmart earnings grow, but lowers guidance

Phoenix PetSmart said Wednesday its second-quarter profit grew nearly 5% to top expectations, but the pet food and products retailer lowered profit estimates for the full year.

The company reported net income of $39 million for the 13-week period that ended Aug. 2, compared with $37.2 million in the same quarter last year.

Net sales increased 5% to $1.31 billion, as pet-services sales rose 10% and same-store sales edged up 0.8%. The company said sales were partially hurt by currency fluctuations.