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PetSmart Plans to Double

PHOENIX-The pet supply retailer believes it can ultimately grow to about 1400 stores--and 270 pet hotels.

By Dees Stribling | Updated on November 17, 2004

PHOENIX—”We’re in the front of the pack in a fast-growing, highly fragmented industry,” said Philip L. Francis, chairman and CEO of PetSmart, at Wednesday’s third-quarter earnings conference call. “We continued to grow in the third quarter, in the midst of hurricanes in the Southeast, where 44 of our stores were affected, and some of the highest fuel prices on record. That’s a testament to the inherent attractiveness of the pet industry.”

Net income for the pet-accoutrement retailer came in at of $35.9 million in Q3 2004, or $0.24 per share, compared with $29.6 million, or $0.20 per share, in the third quarter of 2003. Net sales for the third quarter were $826.8 million, compared with $732.7 million for the same period last year. Comparable store sales grew 6.7%, compared with 7.5% in the third quarter of 2003.

At the end of the third quarter, the retailer had 702 stores nationwide, and according to Francis, “we’ll on our way to an ultimate buildout of 1,400 PetSmart stores in North America,” though he did not specify a timetable. By the end of this year, the company will have opened a net of 83 new stores, and Francis projected that a net of about 100 new stores will open in 2005.

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