PetSmart Q3 profit rises on higher sales, beats Street

Phoenix Petsmart said late Wednesday its profit rose 6% in the third quarter ended Nov. 1, as consumers continued to spend money on their pets even amid high unemployment and economic uncertainty.

The company also raised its forecast for full-year profit.

The pet supplies retailer earned $38.1 million in the quarter, up from $35.8 million in the year-ago period.

Revenue rose 3% to $1.29 billion. The results beat consensus estimates of analysts, who expected sales of $1.28 billion.

Same-store sales inched up 0.3% during the quarter.

“Our ability to deliver positive comp sales, while still battling a challenging retail environment and a difficult inflationary comparison, continues to show the strength of the PetSmart brand and the loyalty of our customers even in tough times," said Bob Moran, CEO.