PetSmart quarterly income rises

PHOENIX PetSmart today reported net income of $47.1 million, or 35 cents per diluted share, for the second fiscal quarter of 2007. That compares with net income of $34.6 million, or 25 cents per diluted share, for the second quarter of fiscal 2006.

"PetSmart has yet again demonstrated its resilience, our associates have shown a continued ability to execute on our list of initiatives, and the pet parent consumer is showing signs of strength," said Phil Francis, chairman and ceo.

Net sales for the second quarter of 2007 were $1.1 billion, compared to $1 billion for the same period in 2006, and comparable-store sales grew 4% in the second quarter, on top of 4.9% in the same period in 2006.

PetSmart projects comparable-store sales growth in the low- to mid-single digits for the third quarter of 2007 and for the full year.

The company estimates earnings of 21 cents to 23 cents per share in the third quarter, which includes an impact of 4 cents per share to exit the State Line Tack business.

For all of 2007, PetSmart expects earnings of $2.08 to $2.10 per share.