PetSmart Inc. (NASDAQ: PETM) shares rose to a new 52-week high in trading today after the Phoenix, Arizona-based company reported better-than-expected first-quarter profit. PETM also raised its full-year forecast following the upbeat first-quarter results.
PETM shares rose to a new 52-week high of $63.11 in trading today, and at last check, the stock was trading 13.45% higher at $63.10 on above average volume of 5.70 million.
PetSmart, a provider of products, services and solutions for the lifetime needs of pets, reported first-quarter earnings of $94.7 million, or $0.85 per share, compared with $70.9 million, or $0.61 per share reported for the same period in the previous year.
Revenue for the first quarter ended April 29, 2012 rose 9% to $1.63 billion, driven by higher sales at stores.
Analysts were on average expecting the company to report earnings of $0.73 per share and revenue of $1.6 billion.
PetSmart’s same-store sales rose 7.4% in the first quarter.
Bob Moran, Chairman and CEO of PetSmart, said that he is pleased to report another quarter of solid earning growth. Moran said that PETM’s performance in the first quarter was due to strength across all three merchandising categories as well as across services, further solidifying the company’s position as the leading pet specialty retailer.
Looking ahead, PETM expects the strong sales trend to continue to improve, prompting the company to raise its full-year forecast. PETM now expects full-year earnings to come in between $3.19 per share and $3.31 per share. This compares with the company’s previous forecast of $3.02-$3.16 per share. Analysts expect the company to report full-year earnings of $3.11 per share.
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