PETsMART Inc. (PETM, Financial) filed Quarterly Report for the period ended 2010-08-01.
Petsmart Inc. has a market cap of $3.88 billion; its shares were traded at around $32.77 with a P/E ratio of 18.2 and P/S ratio of 0.7. The dividend yield of Petsmart Inc. stocks is 1.5%. Petsmart Inc. had an annual average earning growth of 26.9% over the past 10 years. GuruFocus rated Petsmart Inc. the business predictability rank of 2.5-star.PETM is in the portfolios of Steven Romick of FPA Crescent Fund, First Pacific Advisors of First Pacific Advisors, LLC, Robert Olstein of Olstein Financial Alert Fund, Richard Aster Jr of Meridian Fund, John Keeley of Keeley Fund Management, Chuck Royce of Royce& Associates, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC, George Soros of Soros Fund Management LLC.
Interest expense, which is primarily related to capital lease obligations, was $14.8 million during the thirteen weeks ended August 1, 2010, compared to $15.1 million for the thirteen weeks ended August 2, 2009. Included in interest expense, net was interest income of $0.2 million for the thirteen weeks ended August 1, 2010, and August 2, 2009.
Net sales increased $0.2 billion, or 5.7%, to $2.8 billion for the twenty-six weeks ended August 1, 2010, compared to $2.6 billion for the twenty-six weeks ended August 2, 2009. The increase in net sales was partially impacted by $17.6 million in favorable foreign currency fluctuations. Approximately 25% of the sales increase is due to the addition of 19 net new stores and 12 new PetsHotels since August 2, 2009, 65% of the sales increase is due to a 3.7% increase in comparable store sales for the twenty-six weeks ended August 1, 2010 and the remaining 10% of the sales increase is due to other revenue from reimbursements charged to Banfield. The increase in
Interest expense, which is primarily related to capital lease obligations, was $30.2 million during the twenty-six weeks ended August 1, 2010, compared to $30.3 million for the twenty-six weeks ended August 2, 2009. Included in interest expense, net was interest income of $0.3 million and $0.4 million for the twenty-six weeks ended August 1, 2010, and August 2, 2009, respectively.
We had no borrowings and $37.2 million in stand-by letter of credit issuances outstanding under our $350.0 million five-year Revolving Credit Facility as of August 1, 2010. As of January 31, 2010, we had no borrowings and $35.7 million in stand-by letter of credit issuances outstanding. As of August 2, 2009, we had no borrowings and $34.1 million in stand-by letter of credit issuances outstanding.
We also have a $100.0 million stand-alone letter of credit facility, or Stand-alone Letter of Credit Facility, that expires August 15, 2012. We are subject to fees payable to the lender each quarter at an annual rate of 0.45% of the average daily face amount of the letters of credit outstanding during the preceding calendar quarter. In addition, we are required to maintain a cash deposit with the lender equal to the amount of outstanding letters of credit or we may use other approved investments as collateral. If we use other approved investments as collateral, we must have an amount on deposit which, when multiplied by the advance rate of 85%, is equal to the amount of the outstanding letters of credit under the Stand-alone Letter of Credit Facility. As of August 1, 2010, we had $46.5 million in outstanding letters of credit under the Stand-alone Letter of Credit Facility and $46.5 million in restricted cash on deposit with the lender. As of January 31, 2010, we had $48.2 million in outstanding letters of credit under the Stand-alone Letter of Credit Facility and $48.2 million in restricted cash on deposit with the lender. As of August 2, 2009, we had $55.3 million in outstanding letters of credit under the Stand-alone Letter of Credit Facility and $55.3 million in restricted cash on deposit with the lender.
Read the The complete Report
Petsmart Inc. has a market cap of $3.88 billion; its shares were traded at around $32.77 with a P/E ratio of 18.2 and P/S ratio of 0.7. The dividend yield of Petsmart Inc. stocks is 1.5%. Petsmart Inc. had an annual average earning growth of 26.9% over the past 10 years. GuruFocus rated Petsmart Inc. the business predictability rank of 2.5-star.PETM is in the portfolios of Steven Romick of FPA Crescent Fund, First Pacific Advisors of First Pacific Advisors, LLC, Robert Olstein of Olstein Financial Alert Fund, Richard Aster Jr of Meridian Fund, John Keeley of Keeley Fund Management, Chuck Royce of Royce& Associates, Steven Cohen of SAC Capital Advisors, Jeremy Grantham of GMO LLC, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
Net sales increased $0.1 billion, or 6.2%, to $1.4 billion for the thirteen weeks ended August 1, 2010, compared to $1.3 billion for the thirteen weeks ended August 2, 2009. The increase in net sales was partially impacted by $5.8 million in favorable foreign currency fluctuations. Approximately 20% of the sales increase is due to the addition of 19 net new stores and 12 new PetsHotels since August 2, 2009, 70% of the sales increase is due to a 4.6% increase in comparable store sales for the thirteen weeks ended August 1, 2010, and the remaining 10% of the sales increase is due to other revenue from reimbursements charged to Banfield. The increase in comparable store sales was due to the impact of merchandising and pricing strategies, as well as new product offerings. Comp transactions, which we use as a proxy for traffic, represented 0.8% of the comparable store sales growth in the thirteen weeks ended August 1, 2010, compared to (0.5)% in the thirteen weeks ended August 2, 2009. An increase in the average sales per transaction represented 3.8% of the comparable store sales growth in the thirteen weeks ended August 1, 2010, compared to 1.3% in the thirteen weeks ended August 2, 2009.Interest expense, which is primarily related to capital lease obligations, was $14.8 million during the thirteen weeks ended August 1, 2010, compared to $15.1 million for the thirteen weeks ended August 2, 2009. Included in interest expense, net was interest income of $0.2 million for the thirteen weeks ended August 1, 2010, and August 2, 2009.
Net sales increased $0.2 billion, or 5.7%, to $2.8 billion for the twenty-six weeks ended August 1, 2010, compared to $2.6 billion for the twenty-six weeks ended August 2, 2009. The increase in net sales was partially impacted by $17.6 million in favorable foreign currency fluctuations. Approximately 25% of the sales increase is due to the addition of 19 net new stores and 12 new PetsHotels since August 2, 2009, 65% of the sales increase is due to a 3.7% increase in comparable store sales for the twenty-six weeks ended August 1, 2010 and the remaining 10% of the sales increase is due to other revenue from reimbursements charged to Banfield. The increase in
Interest expense, which is primarily related to capital lease obligations, was $30.2 million during the twenty-six weeks ended August 1, 2010, compared to $30.3 million for the twenty-six weeks ended August 2, 2009. Included in interest expense, net was interest income of $0.3 million and $0.4 million for the twenty-six weeks ended August 1, 2010, and August 2, 2009, respectively.
We had no borrowings and $37.2 million in stand-by letter of credit issuances outstanding under our $350.0 million five-year Revolving Credit Facility as of August 1, 2010. As of January 31, 2010, we had no borrowings and $35.7 million in stand-by letter of credit issuances outstanding. As of August 2, 2009, we had no borrowings and $34.1 million in stand-by letter of credit issuances outstanding.
We also have a $100.0 million stand-alone letter of credit facility, or Stand-alone Letter of Credit Facility, that expires August 15, 2012. We are subject to fees payable to the lender each quarter at an annual rate of 0.45% of the average daily face amount of the letters of credit outstanding during the preceding calendar quarter. In addition, we are required to maintain a cash deposit with the lender equal to the amount of outstanding letters of credit or we may use other approved investments as collateral. If we use other approved investments as collateral, we must have an amount on deposit which, when multiplied by the advance rate of 85%, is equal to the amount of the outstanding letters of credit under the Stand-alone Letter of Credit Facility. As of August 1, 2010, we had $46.5 million in outstanding letters of credit under the Stand-alone Letter of Credit Facility and $46.5 million in restricted cash on deposit with the lender. As of January 31, 2010, we had $48.2 million in outstanding letters of credit under the Stand-alone Letter of Credit Facility and $48.2 million in restricted cash on deposit with the lender. As of August 2, 2009, we had $55.3 million in outstanding letters of credit under the Stand-alone Letter of Credit Facility and $55.3 million in restricted cash on deposit with the lender.
Read the The complete Report
