PetSmart income jumps 20%

Phoenix PetSmart said its net income increased 20% in the first three months of the year as the company opened more stores and increased revenue.

The company reported first-quarter earnings of $55.6 million for the first quarter. Revenue grew 5% to $1.4 billion.

PetSmart said it opened 14 additional stores in the 13 weeks that ended May 2, bringing the entire chain to 1,160 stores by the end of the first quarter.