PetSmart posts US$82 million in net income for third-quarter 2012

Petfood and supplies retailer PetSmart posted better-than-expected results in its recently released earnings report for third-quarter 2012 and raised its earnings outlook for the rest of the year.

Net income totaled US$82 million in the third quarter of 2012, up from US$56 million in third-quarter 2011. Total sales for the third-quarter 2012 increased 9 percent to US$1.6 billion.

Over the past five years, shares of the company have grown more than 150 percent. Earnings per share for the third quarter of 2012 totaled US$0.75, up 50 percent compared to US$0.50 per share at the same time in 2011. The company raised its earnings-per-share guidance for all of 2012 from the previous range of US$3.30 - $3.40 to US$3.47 - $3.51.

The company also announced that Chip Molloy, executive vice president and chief financial officer, will resign in early 2014 to spend more time with his family. Molloy will continue in his current role until June 2013 and will remain with the company as an advisor until March 2014.