PetSmart Bid Lower on Q2 Earnings Results

Shares of PetSmart PETM are trading lower in the after-hours following the release of the company's Q2 earnings results. Currently, shares are bid $40.01, at $40.89; they ended the regular session lower by 0.07%, at $41.56. PetSmart reported Q2 EPS of $0.54 on revenues of $1.5 billion; Revenues increased 7.0% year over year. Comparable store sales grew 5.0%, benefiting from comparable transactions growth of 2.0%. Services sales, which are included in total sales, grew 7.6% to $178 million. "The strength of our brand was evident with another quarter of solid performance," said Bob Moran, Chief Executive Officer and President, "and validates the work that we are doing on our journey to becoming a best-in-class specialty retailer." "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 $2.32 to $2.42 to our current expectations of $2.40 to $2.48," said Chip Molloy, Senior Vice President and Chief Financial Officer. "For the third quarter of 2011, we are expecting comparable store sales growth in the 3-4% range, and earnings per share between $0.41 and $0.45." PetSmart, Inc. is a specialty provider of products, services and solutions for the lifetime needs of pets. The company offers product assortment with pet services, including grooming, training, boarding and day camp.