PetSmart Profit Shrinks, Sales Grow in 2Q

Phoenix PetSmart Inc. said Thursday its profit slipped more than 20% in the second quarter, even as sales grew.

The company reported net income of $37.2 million for its second fiscal quarter. That compares with net income of $47.1 million in the same quarter of last year, which included a $6.7 million benefit from a one-time event. Same-store sales grew 4.0% in the second quarter. Meanwhile, total sales for the second quarter increased 11.2% to $1.2 billion.