Growing sales

PetSmart reported financial results for the fourth quarter and fiscal year 2010, and provided guidance for 2011. For the quarter, earnings per share were up 26 per cent to $0.77. Comparable store sales, or sales in stores open at least a year, grew 6.3 per cent, benefiting from comparable transactions growth of 4.4 per cent. Total sales for the quarter were up 8.1 per cent to $1.5 billion, partially impacted by $4 million in favourable foreign currency fluctuations. Services sales, which are included in total sales, grew 7.2 per cent to $152 million. For the year, the company delivered earnings per share of $2.01, up 26 per cent compared to $1.59 last year. Comparable store sales grew 4.8 per cent, benefiting from comparable transactions growth of 2.1 per cent. Total sales for the year were $5.7 billion, up 6.7 per cent, including a favourable impact from foreign currency fluctuations of $25 million, and services sales grew 7.5 per cent to $619 million. “For all of 2011, we anticipate comparable store sales growth in the three to four per cent range, and total sales growth in the mid-single digits range,” said Chip Molloy, senior vice president and chief financial officer.