Stable growth

PetSmart reported earnings of $0.46 per share, up 24 per cent compared to $0.37 per share in the first quarter of 2009. Net income totalled $55.6 million in the first quarter of 2010, compared to $46.3 million in the first quarter of 2009. Total sales for the first quarter of 2010 increased 5.1 per cent to $1.4 billion. The increase in net sales was partially impacted by $12 million in favourable foreign currency fluctuations. Comparable store sales, or sales in stores open at least a year, grew 2.8 per cent in the first quarter. Services sales, which are included in total sales, grew 7.3 per cent to $153 million.