PetSmart Explodes Higher on Increased Guidance (PETM)

Shares of PetSmart, Inc. PETM are exploding higher this morning after the company reported stellar Q1 results and increased EPS guidance for 2012. Currently, shares are higher by 7.67%, trading at $45.75. PetSmart, Inc. reported Q1 EPS of $0.61 on revenues of $1.49 billion; the Street was looking for $0.55 per share on revenues of $1.49 billion. Revenues increased 6.8% year over year. The company also raised FY 2012 EPS guidance to $2.32-2.42, up from $2.23-2.35. The Street was at $2.36. "For all of 2011, we expect comparable store sales growth in the low- to mid-single digit range, and total sales growth in the mid-single digit range. We are raising our earnings per share guidance from a previous range of $2.23 to $2.35 to our current expectations of $2.32 to $2.42," said Chip Molloy, Senior Vice President and Chief Financial Officer. "For the second quarter of 2011, we are expecting comparable store sales growth in the mid-single digit range, and earnings per share between $0.47 and $0.51." PetSmart, Inc. is a specialty provider of products, services and solutions for the lifetime needs of pets. The company offers a line of products for all the life stages of pets, and offers various pet services, including professional grooming, training, boarding and day camp.