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PetSmart Reports Results For The Fourth Quarter And Fiscal Year 2012

PetSmart, Inc. (NASDAQ: PETM) today reported financial results for the fourth quarter and fiscal year 2012, and provided guidance for 2013. The fourth quarter and fiscal year 2012 results include an extra week in 2012 compared to 2011. The fourth quarter of fiscal year 2012 was a 14-week quarter versus the fourth quarter of fiscal year 2011 which was a 13-week quarter. Fiscal year 2012 was a 53-week year versus fiscal year 2011 which was a 52-week year. Both the fourth quarter and fiscal year 2012 ended on February 3, 2013. The fourth quarter and fiscal year 2011 ended on January 29, 2012. Comparable store sales and transactions are calculated on an equivalent basis and are versus the 14 and 53 weeks ended February 5, 2012.

For the quarter, earnings per share were up 36% to $1.24. Comparable store sales, or sales in stores open at least a year, grew 4.6%, benefitting from comparable transactions growth of 1.2%. Total sales for the quarter were up 15% to $1.9 billion, partially impacted by $3 million in favorable foreign currency fluctuations. Services sales, which are included in total sales, grew 15% to $194 million.

For the year, the company delivered earnings per share of $3.55, up 39% compared to $2.55 last year. Comparable store sales grew 6.3%, benefitting from comparable transactions growth of 2.4%. Total sales for the year were $6.8 billion, up 11%, including an unfavorable impact from foreign currency fluctuations of $2 million, and services sales grew 10% to $740 million.

The impact of the extra week was $126 million in sales and $0.17 in earnings per share.

During the year, the company generated $696 million in operating cash flow and spent $138 million in capital expenditures. In addition, the company repurchased $457 million of PetSmart stock during 2012, with $175 million repurchased during the fourth quarter. The company also distributed $84 million in dividends during 2012, ending the year with $407 million in cash, cash equivalents and restricted cash and zero borrowings on its credit facility.

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