WASHINGTON (dpa-AFX) - Pet supplies retailer PetSmart Inc (PETM), Tuesday reported a higher first-quarter profit, on growth across all its merchandising segments. Both earnings and sales for the quarter came in ahead of Street estimates. Moving forward, PetSmart raised its outlook for the full year 2012.
Buoyed by the results, PetSmart shares gained the most in a year, with its shares up 9.4 percent at $60.85 in after-hours trade on the Nasdaq. In the past year, the stock traded in a range $37.76 - $59.36.
PetSmart posted a 9.4 percent year-over-year growth in sales for the quarter. On a same-store basis, sales grew 7.4 percent.
PetSmart reported first-quarter net income of $95 million or $0.85 per share, compared to $71 million or $0.61 per share last year.
On average, 23 analysts polled by Thomson Reuters expected earnings of $0.73 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter were $1.63 billion, compared to $1.49 billion in the prior year. Twenty-two analysts estimated revenues of $1.60 billion for the quarter.
At the end of the quarter, the company had 1,241 stores, compared to 1,192 stores a year ago.
PetSmart during the quarter repurchased $175 million of its stock.
PetSmart expects second-quarter comparable store sales growth in the mid-single digit range, and earnings between $0.61 and $0.65 per share. Street analysts currently estimate earnings of $0.65 per share.
For fiscal year 2012, PetSmart estimates earnings between $3.19 to $3.31 per share, total sales growth in the 9 to 10 percent range, with comparable store sales growth in the mid-single digit range.
Earlier, the company had estimated 2012 earnings between $3.02 and $3.16 per share, total sales growth in the 7.5 to 8.5 percent range, with 3 to 4 percent comparable store sales growth.
Analysts currently expect earnings of $3.14 per share for 2012.
PETM closed Tuesday at $55.62, down $0.11 or 0.20%, on a volume of 2.8 million shares. In after hours, the stock gained $5.23 or 9.40%.
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