PetSmart Up Over 11% on Strong Earnings and Guidance

PetSmart PETM is trading higher on the session following its Q1 earnings announcement. The company reported an EPS of $0.85 vs $0.73 estimates and revenues of $1.6 billion vs $1.60 billion estimates. PetSmart also raised its full year EPS guidance. Chip Molloy, Executive Vice President and Chief Financial Officer stated: “As a reminder, 2012 contains a 53rd week. For all of 2012, we anticipate comparable store sales growth in the mid-single digit range, and total sales growth in the 9% to 10% range. We are raising our earnings per share guidance from a previous range of $3.02 to $3.16, to our current expectations of $3.19 to $3.31. The impact of the extra week is estimated to be $120 million in sales and $0.16 in EPS. For the second quarter of 2012, we are expecting comparable store sales growth in the mid-single digit range, and earnings per share between $0.61 to $0.65.” PetSmart is currently trading at $62.00, a gain of $6.38 or 11.47%.