PetSmart raises FY EPS outlook on Q1 earnings growth

PHOENIX — PetSmart has reported earnings of 61 cents per share, up 33% compared with 46 cents per share in the first quarter of 2010. Net income totaled $71 million in the first quarter of 2011, compared with $56 million in the first quarter of 2010.

Total sales for the first quarter of 2011 increased 6.8% to $1.5 billion. The increase in net sales was partially impacted by $4 million in favorable foreign currency fluctuations, the company reported. Comparable-store sales grew 5%, benefitting from comparable transactions growth of 2.7%.

“We are pleased to report another quarter of solid earnings growth,” said Bob Moran, CEO and president. “Our performance in the first quarter reflects the continued momentum in our business and represents another step forward on our journey to becoming a best-in-class specialty retailer.”

For the full year 2011, PetSmart said it expects comparable-store sales growthin the low- to mid-single digit range, and total sales growth in the mid-single digit range. In addition, the compan has raised its EPS guidance from a range of $2.23 to $2.35 to our current expectations of $2.32 to $2.42.

For the second quarter of 2011, the company said it expects comparable-store sales growth in the mid-single digit range, and earnings per share between 47 cents and 51 cents.