Petsmart.com Withdraws IPO Filing

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Online retailer

Petsmart.com

withdrew its planned $115 million initial public offering, citing unfavorable market conditions.

The Pasadena, Calif., company, which began operations in June 1999, hadn't set how many shares it would offer or the estimated price range since its preliminary filing in February.

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Petsmart

(PETM)

, which owns a stake in Petsmart.com, yesterday posted a third-quarter loss of $2.4 million, or 2 cents a share, including a $6 million noncash equity loss resulting from Petsmart.com. The company lost $33.2 million, or 29 cents a share, in the same period last year.

Excluding the equity loss, Petsmart had income of $500,000, or break-even on a per share basis, compared with earnings of $5.6 million, or 5 cents a share, in the same period last year and in line with analysts' estimates.

Sales for the third quarter rose to $541.3 million from $511.8 million a year ago.