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PetSmart, Inc. Message Board

  • huckfinn02186 huckfinn02186 May 29, 2003 2:07 PM Flag

    revenue growth

    PETM said earnings growth would be backloaded this year, highest in the 3rd and 4th quarters and that looks to be the case. Store openings will be at their fastest pace in 1st, 2nd, and 3rd quarters. 60 new stores, a 10% increase in stores. With .17 in the first quarter and .17 in the second they�ll have to do .54 altogether in the 3rd and 4th quarters. So earnings through the first two quarters will not look that different from 02.

    They�re on a pace to break 3 billion in sales.

    I do think the price rise pace will take a breather, though, and I wouldn�t be surprised to see it fall back some.

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    • The earnings report was good, and maybe very good in some ways. But it wasn't OUTSTANDING, or at least not enough to support the start of a run upward. At least, I don't think so. So, I agree with your comment that we will probably see some retracement. How much, I don't know. Maybe back to 16, or so.

      I do think that now that IRAQ is a practice field for the Univ of Michigan, that is no longer an issue. And PETM seemed to hold up real well during all of the worldly turmoil. So, I do expect to see it eventually begin to start an upward move for the rest of the year.

      I heard only a part of the CC. Was there anything of note mentioned?

      • 1 Reply to jinglebob_2000
      • The only outstanding thing about the report (I didn�t listen to the cc) was that management did what it said it was going to do and plans to do what it said it would do. That�s what the institutions want to hear and they apparently were not scared off by the March �earnings disappointment.� I am surprised that PETM�s back at this level so quickly, but I guess not really, because I saw several weeks ago the big guys hadn�t bailed out.

        Earnings are again going to be distorted by the backloading and special events. Earnings will be flat for the first two quarters, then�if things work out�3rd and 4th quarter will be impressive and show 40% earnings growth for the year. Even at that I don�t see 20% earnings growth as out of the question for a year or 2 after this one, if the number of stores grow at 10% a year and service revenues grow too. (Service revenue contributed 16% of top line growth, although its just 6% of total revenue.)

        When .90 looks credible as an earnings estimates�by August?--$20 or more in stock price is quite possible. Why not? It was at 20 when earnings were estimated at .73 last year.

    • semiequipmentgodoftheyear semiequipmentgodoftheyear May 29, 2003 2:24 PM Flag

      business is performing well. Management is doing an excellent job with with gross margin at 29.5 percent. Net Income at $24.6 million with revenue at $696.8 million. Is PETsMART a buy here? I think we have a Strong Buy rating. By the way, with the recent tax cut, look for more spending on PETS.

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