PetSmart fetches higher profits

Amid an $8.7 billion pending sale to an investment firm, PetSmart reported fourth quarter profit and revenue that exceeded Wall Street’s expectations.

For the period ended Feb. 1, the company posted a profit of $132.1 million, or $1.32 a share, up slightly from $131.5 million, or $1.28 a share a year earlier. Revenue grew 6% to $1.91 billion, topping the $1.87 billion analysts had predicted.

Net sales increased 6% to $1.9 billion, from $1.81 billion. Same-store sales growth, including sales from online websites, rose 2.6%.

On Dec. 14, the company entered into a definitive agreement to be acquired by a consortium led by BC Partners Inc. at a price of $83 per share in cash. The transaction is expected to close in the first quarter of 2015, subject to shareholder approval and other customary closing conditions.

PetSmart has approximately 1,404 pet stores in the United States, Canada and Puerto Rico.