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Today, PetSmart is raising third quarter EPS guidance to $0.25 to $0.29 and full year guidance to $1.43 to $1.51.
"Although challenges still exist in the macro economy, we continue to strengthen our position as the leader in the pet industry," said Bob Moran, President and Chief Executive Officer. "We are executing our strategies well and we remain cautiously optimistic about the near term."
"We still expect comparable store sales to be essentially flat for the third quarter," said Chip Molloy, Senior Vice President and Chief Financial Officer. "Our better than anticipated earnings performance is due to slightly better than expected product margin rates combined with lower than expected expenses. We continue to strengthen our financial position and expect to generate a low double digit free cash flow yield for the year."
PetSmart 2009 Analyst Day
11:00 a.m. - 1:00 p.m. Eastern Daylight Time on Thursday, October 15, 2009
Visit PetSmart Investor Relations website at www.petm.com, under 'Events,' and click on PetSmart 2009 Analyst Day Webcast to be taken to our webcast.
Listen live online by following the directions above. A replay will also be available online shortly following the event. To access the replay, visit www.Petm.com, under 'Events,' and click on PetSmart 2009 Analyst Day Webcast to be taken
to our webcast replay.
Forward-looking statements
This news release contains forward-looking statements concerning our expectations for future performance, including the statements comprising our 2009 guidance. These "forward-looking statements" are based on currently available information, operating plans and projections about future events and trends. They inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in such forward-looking statements. Such risks and uncertainties include, but are not limited to: changes in general economic conditions; conditions affecting customer transactions and average ticket including, but not limited to, weather conditions or other seasonal events; our ability to compete effectively; disruption of our supply chain; our ability to effectively manage our growth and operations; changes in our cost structure; and changes in the legal or regulatory environment. Undue reliance should not be placed on such forward-looking statements as they speak only as of the date hereof, and we undertake no obligation to update these statements to reflect subsequent events or circumstances except as may be required by law. For additional information on these and other factors that arise when investing in PetSmart, please see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K.
About PetSmart
PetSmart, Inc. is the largest specialty pet retailer of services and solutions for the lifetime needs of pets. The company operates more than 1,145 pet stores in the United States and Canada, 156 in-store PetSmart PetsHotel(R) 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(SM) pet day care services and pet adoption services. Since 1994, PetSmart Charities, Inc., an independent 501(c)(3) non-profit animal welfare organization, has funded more than $87 million in grants and programs benefiting animal welfare organizations and, through its in-store pet adoption programs, has helped save the lives of more than 3.6 million pets.
Follow PetSmart on Twitter www.twitter.com/PetSmartTLC
Find PetSmart on Facebook www.facebook.com/PetSmart
CONTACT: Jessica Case PetSmart Investor Relations (623) 587-2025 Investorrelations@ssg.petsmart.com www.petm.com
SOURCE: PetSmart, Inc.
mailto:Investorrelations@ssg.petsmart.com http://www.petm.com
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