I feel sorry for anyone inexperienced enough to follow your lead. To say the PETM is "on track" is particulary hard to take. They reported the weakest sales that I can remember (and probably the weakest in their existance), and you call it a "good report". They reported a loss and you call it a "good report"
Ok, I'll humor you and respond. No, better yet, I'll just cut and paste some of the report from yesterday. Have a trusted friend or family member read it to you!
PHOENIX--(BUSINESS WIRE)--Aug. 24, 2000--Second Quarter Operating Income Increases 21 Percent Over Last Year
PETsMART, Inc., today announced financial results for its second fiscal quarter, the thirteen weeks ended July 30, 2000, and for fiscal 2000 year to date.
Net sales for the second quarter were $538.6 million, an increase of 4.5 percent over the $515.6 million reported for the same period last year.
The Company reported second quarter net income of $6.5 million or $0.06 per share, excluding the equity loss in PETsMART.com. During the quarter, the Company recorded an extraordinary after-tax gain of $1.2 million or $0.01 per share from the early retirement of debt.
You picked an interesting piece of the press release. The headline "Second Quarter Operating Income Increases 21 Percent Over Last Year" is misleading. Operating Income excluding the now divested UK operation actually fell about 18%.
Do you think it is fair or appropriate to say Operating Income is improving when, in fact, the opposite is true?