PetSmart said it earned $103.8 million during its fiscal first quarter, up slightly from $102.4 million in the prior-year period. EPS of $1.04 narrowly topped PetSmart’s own prediction of earnings between 99 cents and $1.03 per share, the Wall Street Journal noted.
During the quarter, PetSmart reported revenue of $1.73 billion, up 1.1% year-over-year. But that fell short of the $1.77 billion that Wall Street had forecast.
PetSmart said that same-store sales fell 0.6%. PETM President and Chief Executive David Lenhardt said that the retailer had been hurt by “a challenging and volatile consumer environment and a competitive market” during the quarter.
Looking forward, PetSmart trimmed its outlook for the full year. PetSmart had previously estimated a full-year profit of between $4.42 and $4.54 per share. It now anticipates full-year earnings to fall between $4.29 and $4.39 per PETM share.
On Tuesday, PETM stock closed $62.19 per share.
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