PETsMART Income Leaps
PETsMART Inc., Phoenix, reported net income of $21.5 million for the quarter ended Aug. 4 compared with $2.8 million in the comparable quarter last year.Net sales in the second fiscal quarter totaled $651.5 million, up from $582.4 million a year ago. Comparable-store sales, sales at stores open at least a year, rose 11.4 percent. Services sales in the quarter were $39.5 million, up $9.4 million, or 31 percent.
Year to date, sales rose 11.4 percent, or $132.6 million, to $1.3 billion, while net income increased $39.6 million compared with the first half of last year. Year-to-date comparable-store sales rose 11.8 percent.
