PetSmart Posts Higher Q4 Net on Strong Holiday Sales
PetSmart (PETM) today posted a 20% increase in its Q4 net income and attributed the growth to more customer transactions and a strong holiday season. PETM's net income rose to $90.3 million, or $0.77 per share versus $75 million, or $0.61 per share, last year. Analysts had expected a consensus $0.74 per share, according to FactSet. Revenue grew 8% to $1.52 billion which was above analysts' expectations for $1.51 billion.Revenue at stores open at least one year rose 6.3%. For 2011, the company is guiding for first-quarter net income of $0.52 to $0.56 per share and yearly net income of $2.23 to $2.35 per share. Analysts expect first-quarter net income of $0.54 per share and yearly net income of $2.34 per share. Shares are up 1.37% or $0.56 to $41.43.
Credit: Financial News Network
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