Petsmart, Inc.. The Group's principal activities are to provide products, services and solutions for the lifetime needs of pets in North America. The merchandise includes pet and equine products, such as pet food, treats, litter, pet supplies, live fish, birds and small pets. It also provides veterinary, grooming and obedience training services. The Group's products and services are marketed through its retail stores, PETsMART.com, a separate website dedicated to equine products and two branded catalogs. The Group's trademarks include PETsMART, PETsMART.com, PETsHOTEL, Total Lifetime Care, Where Pets Are Family and All You Need For The Life Of Your Pet and others. As on 30-Oct-2005, the Group operated over 791 stores in the United States and Canada.
PetSmart Declares Quarterly Cash Dividend
PetSmart, Inc. (NASDAQ: PETM), declared a quarterly common stock cash dividend of $0.03 cents per share. The dividend is payable Aug. 10, 2007, to shareholders of record at the close of business on July 27, 2007.
PetSmart, Inc. is the largest specialty pet retailer of services and solutions for the lifetime needs of pets. The company operates more than 928 pet stores in the United States and Canada, a growing number of in-store PetsHotel cat and dog boarding facilities, and is a leading online provider of pet supplies and pet care information (www.petsmart.com). PetSmart provides a broad range of competitively priced pet food and pet products; and offers complete pet training, pet grooming, pet boarding, doggie day camp and pet adoption services. Since 1994, PetSmart Charities, Inc., an independent 501(c)(3) non-profit animal welfare organization, has donated more than $52 million to animal welfare programs and, through its in-store pet adoption programs, has saved the lives of more than 3 million pets.
PetSmart, Phoenix
Bruce Richardson, 623-587-2177
corpcommunications@ssg.petsmart.com
www.petsmartnews.com
Source: Business Wire (June 25, 2007 - 3:41 PM EST)
PetSmart, Inc. to Host Second Quarter 2007 Earnings Conference Call
On Wednesday, August 15, 2007 at 4:30 p.m. (EDT) PetSmart, Inc. (NASDAQ: PETM) will host a conference call announcing its results for the fiscal second quarter. The earnings release will be distributed the same day, after the close of the market.
To listen to the live call, dial:
Within the United States and Canada: 800-709-7416
Internationally: 706-679-5320
Conference ID #: 2204885
-or-
Listen at www.petm.com or www.streetevents.com
A replay of the conference call will be available through August 29, 2007, 11:59 p.m. EDT.
To access the replay dial:
In the United States and Canada: 800-642-1687
Internationally: 706-645-9291
Conference ID #: 2204885
The announcement will be archived at www.petm.com.
PetSmart Reports Results for the Second Quarter 2007
Earnings of $0.35 per Share
Comp Sales Growth of 4 Percent
Board Authorizes $300 Million Stock Purchase Plan and $225 Million ASR
PetSmart, Inc. (NASDAQ: PETM), today reported net income of $47.1 million, or $0.35 per diluted share, for the second fiscal quarter of 2007. That compares with net income of $34.6 million, or $0.25 per diluted share, for the second quarter of fiscal 2006.
Included in the company’s second quarter 2007 results was $2.2 million, or approximately $0.01 per share, of net after tax expense to exit the State Line Tack business. The net expense included accelerated depreciation of assets and costs to remerchandise the equine sections of stores.
Excluding those items, non-GAAP earnings per diluted share for the second quarter of fiscal 2007 were $0.36. The company’s earnings per diluted share exceeded expectations due to a benefit related to the renegotiation of a contract with MMI Holdings Inc., and favorable results in insurance expense based on updated actuarial estimates. Non-GAAP earnings per diluted share were $0.27 for the second quarter of 2006.
“PetSmart has yet again demonstrated its resilience, our associates have shown a continued ability to execute on our list of initiatives, and the pet parent consumer is showing signs of strength,” said Phil Francis, chairman and CEO.
Sales
Net sales for the second quarter of 2007 were $1.1 billion, compared to $1.0 billion for the same period in 2006, and comparable store sales – or sales in stores open at least a year – grew 4.0 percent in the second quarter, on top of 4.9 percent in the same period in 2006. Excluding the State Line Tack business, comparable store sales for the core pet business for the second quarter grew 5.0 percent.
Pet services sales were $117.2 million, up 19.5 percent from the second quarter last year.
PetSmart opened 40 new stores, including the acquisition of stores in Canada, and closed two locations during the second quarter of 2007, which compares with 22 new stores and one closure during the second quarter of 2006.
Gross margins and expense
Gross margins were 31.0 percent in the second quarter of 2007, compared with 29.9 percent in the same period in 2006.
Non-GAAP gross margins in the second quarter of 2006 were 30.4 percent.
Operating, general and administrative expenses were 23.4 percent of net sales in the second quarter of 2007, compared with 23.8 percent in the second quarter of 2006.
Excluding the net expense from exiting the State Line Tack business, operating, general and administrative expenses were 23.1 percent of net sales in the second quarter of 2007. That compares with non-GAAP operating, general and administrative expenses in the second quarter of 2006 of 23.5 percent.
Dividend payments
As previously announced, the company paid a dividend of $0.03 per share on August 10, 2007, to shareholders of record at the close of business on July 27, 2007.
Stock Purchase Program
PetSmart purchased approximately 1.9 million of its shares at an average price of $33.97 during the second quarter of 2007. At the end of the second quarter, the company had used all its $250 million authorization.
The Board of Directors has authorized a new program that allows the company to purchase $300 million of stock over two years. PetSmart will use a portion of the authorization immediately to execute an accelerated share repurchase (ASR) program, with Lehman Brothers as the counterparty, for the repurchase of $225 million of common stock no later than January 2008. The exact number of repurchased shares will be determined at the conclusion of the agreement. The majority of the impact of the ASR will be included in the Company's share count by the end of September. Combined with the $89.9 million of stock purchases to date, the company will purchase nearly $315 million of stock in fiscal 2007.
The company has replaced its existing $125 million credit facility with a $350 million five-year revolving credit facility. The company will fund the $225 million ASR program through cash and its credit facility. It expects to use the remaining $75 million available under the new stock purchase authorization opportunistically.
“With our solid business model and the initiatives we have in place, we remain confident in our future prospects, and our ability to generate long-term shareholder value,” Francis said. “In addition, we believe in providing our shareholders with a tangible return in the form of dividends and share repurchases.”
Outlook
PetSmart projects comparable store sales growth in the low- to mid-single digits for the third quarter of 2007 and for the full year.
The company estimates earnings of $0.21 to $0.23 per share in the third quarter, which includes an impact of $0.04 per share to exit the State Line Tack business.
For all of 2007, PetSmart expects earnings of $2.08 to $2.10 per share which includes $0.47 per share from the sale of shares of MMI in the first quarter of 2007. In addition the change to the equity method of accounting for the investment in MMI should result in a $0.01 per share benefit. Also included is a loss of approximately $0.08 per share related to exiting the State Line Tack business, an estimated $0.08 per share benefit for a 53rd week of sales in 2007, and about a $0.01 benefit from the ASR.
Conference call information
PetSmart management has scheduled a teleconference for 4:30 p.m. (EDT) today to discuss results for the second quarter of 2007 as well as the current outlook. This teleconference will be Web-cast live for all investors at www.petm.com or www.streetevents.com. The Web-cast will be available until the company announces results for the third quarter of 2007. In addition, you can listen to the call live by dialing 800-709-7416 (within the United States and Canada) or 706-679-5320 (for international callers), code 2204885. A phone replay also will be available through August 29, 2007, at 800-642-1687 in the United States and Canada, or at 706-645-9291 for international callers, code 2204885.
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Daily Chart:
5day/10day/50day ema...new chart2 * 08/10/2007 important one.
Spider/Centipede Look Chart: Fibs, % Levels...08/21/2007
TEMPLATE FOR SPIDER/CENTIPEDE CHART...08/21/2007
Spider/Centipede Look Chart: Fibs, % Levels...8/21/2007
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Point and Figure with 520 size: 08/21/2007
TEMPLATE: 2 BOX REVESAL.
Point and Figure with 520 size: 08/21/2007
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