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SMALL BUSINESS
PetSmart lifts 3rd-quarter earnings outlook
AP
PHOENIX -Shares of PetSmart Inc. climbed Thursday after the pet products retailer raised its third-quarter profit outlook because of better profit margins on products and lower-than-expected expenses.
Shares rose $2.02, or 8.6 percent, to $25.46 in morning trading.
The company now expects earnings between 25 cents and 29 cents for the third quarter and between $1.43 to $1.51 per share for the year. The PetSmart also expects sales at stores open more than a year to be "essentially flat" for the quarter.
Previously, the company forecast third-quarter net income between 20 cents to 24 cents per share for the third quarter. The company had also lowered its full-year forecast to between $1.37 and $1.45 per share from a prior range of $1.42 to $1.52.
On average, analysts polled by Thomson Reuters are expecting profit of 22 cents per share for the third quarter and $1.42 for the year.
The company is hosting an analyst meeting on Thursday.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-15 11:22:35
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