Shares of Petsmart (PETM) are down 84 cents, or 2.6%, at $31.50 in late trading, after the company this afternoon reported Q1 revenue up 5% at $1.4 billion, ahead of the average $1.38 billion estimate of analysts, yielding profit per share of 46 cents, 3 cents better than expected.
The forecast for the current quarter was a bit of a disappointment, however: The company sees profit per share in Q2 of 33 cents to 37 cents per quarter, trailing, at the midpoint of that range, the average 36-cent estimate of analysts.
For the year, the company raised its forecast for profit per share to� $1.82 to $1.92 from a prior estimate offered back in March, of $1.73 to $1.83. Analysts have been expecting $1.83 this year.
The company also raised its forecast for same-store sales percentage growth, from a prior forecast of “low single-digits” store growth to “low- to mid-single digits” store growth.
Same-store sales growth of 2.8%, year over year, was surpassed by the 7% rise in revenue from the company’s services offerings, Petsmart said. The company ended the quarter with $288 million cash and equivalents and restricted cash, down from $356 million in Q1, after repurchasing $107 million worth of its stock.
No comments:
Post a Comment