PetSmart reports results

PetSmart reported net income of $ 35.7 mio, or $ 0.24 per diluted share, for the second quarter of fiscal 2005, which ended 31 July 2005. That compares with net income of $29.1 mio, or $ 0.19 per diluted share, for the second quarter of fiscal 2004. The company generated net sales of $ 899.1 mio in the second quarter, up 11.6 percent from $ 806 mio during the same period in 2004. Comparable store sales – or sales in stores open at least a year – grew 4.2 percent in the second quarter, compared with 5.4 percent in the second quarter of fiscal 2004. During the second quarter, pet services sales were $ 75.1 mio, up 20.8 percent from the same period last year.
The company opened 20 new stores and closed three locations during the second quarter of 2005, which compares with 19 new stores and five closures during the second quarter of 2004. At the end of the second quarter of 2005, the company operated 757 stores.