PetSmart reports 4Q comps growth

PHOENIX PetSmart reported fourth-quarter earnings per share of 61 cents and comparable-store sales growth of 1.5%. Total sales for the quarter were $1.41 billion, up 3.4%.

For the year, the company delivered earnings per share of $1.59 compared with $1.52 last year. Total sales were $5.34 billion, up 5.4%. Comparable-store sales grew 1.6% and services sales increased 9.2% to $575 million.

“We are pleased to report our results for the fourth quarter, with solid earnings and positive comparable-store sales. Improvements in traffic, as well as a strong holiday performance led to better results than expected for the quarter,” said Bob Moran, CEO and president. “I’m proud of the hard work our associates deliver each and every day, and as a result I believe we are better positioned for the future than ever before.”

“For 2010, we remain cautiously optimistic about the economic climate. While challenges remain in the macro economy, we continue to focus on those things we can control,” said Chip Molloy, SVP and CFO. "For all of 2010, we anticipate low-single digit sales comps, total sales growth in the low- to mid-single digit range and services growth of low- to mid-single digits. We expect earnings per share between $1.73 to $1.83. During the year we expect to spend $125 million to $135 million on capital expenditure projects including growing our square footage 3% to 3.5%. For the first quarter of 2010, we are expecting comparable store sales of low-single digits and earnings per share of 40 cents to 44 cents.”