Lawrence P. (Chip) Molloy, Executive Vice President and CFO of Petsmart Inc. (NASDAQ:PETM), sold 30,000 shares on June 4, 2012 at an average price of $63.02. The total transaction amount is $1,890,600.
Mr. Molloy joined PetSmart in September 2007 as Senior Vice President and Chief Financial Officer. Before he worked at PetSmart, he was Director of Financial Planning and Analysis, the Vice President, Financial Planning and Analysis, and Chief Financial Officer of retail at Circuit City. Prior to Circuit City, he served in various leadership, planning and strategy roles for Capital One Financial Corporation, AGL Capital Investments LLC; Deloitte & Touche Consulting Group, and the United States Navy.
On May 25, 2012, Molloy sold about 26 thousand shares of stock at the average price of $63. He has also sold a little over 71,000 shares of PETM stock on March 12, 2012 at the average price of $57.55. CEO and Chairman of PetSmart, Robert F. Moran has sold 40,000 shares of stock in February and March. During the last three days of May, other officers and directors of PETM have also sold shares.
GuruFocus guru Joel Greenblatt bought 13,541 shares of PETM stock during the first quarter of 2012. Meridian Funds has kept positions in PETM unchanged or slightly adjusted and owns 1,043,030 shares as of March 31, 2012. Gurufocus gurus John Keeley and Robert Olstein both redused positions. Keeley owns 691,350 shares as of March 31, a decrease of 21.05% of from the previous quarter. A 23% decrease from the previous quarter, Olstein owns 77,000 shares as of March 31, 2012.
On May 22, 2012, PetSmart (NASDAQ:PETM) announced their 2012 first quarter financial results. The company reported that revenue has increased 9.4% to $1.6 billion. Net income for the first quarter was $94.7 million, compared to the $71 million in the first quarter of 2011.