PetSmart Reports Second Quarter Results

PetSmart, Inc. PETM today reported earnings of $0.41 per share, up 32% compared to $0.31 per share in the second quarter of 2009. Net income totaled $48.4 million in the second quarter of 2010, compared to $39.0 million in the second quarter of 2009. Total sales for the second quarter of 2010 increased 6.2% to $1.4 billion. The increase in net sales was partially impacted by $5.8 million in favorable foreign currency fluctuations. Comparable store sales, or sales in stores open at least a year, grew 4.6% in the second quarter. Services sales, which are included in total sales, grew 7.2% to $165 million.