"Despite the slower-than-expected holiday sales we discussed when we pre-announced our results, and the fact that severe snow and ice storms in the eastern portion of the country closed a large number of stores in late January, PETsMART's fourth quarter comps were among the best in all of retail, and our pet services continued to grow and differentiate our business," said Phil Francis, chairman and chief executive officer. "Our customer traffic levels returned to normal in early January and have remained strong since then, reaffirming the power of our business model and our position of strength as we begin our new fiscal year." During the fourth quarter, pet services sales were $62.4 million, up 22.7 percent from the same period last year. For the full year, pet services sales grew 24.4 percent to $240.7 million. Non-GAAP measures - Gross margins and expenses before lease accounting charges
PETsMART purchased approximately 967,000 of its shares at an average price of $32.58 during the fourth quarter of fiscal 2004. During fiscal 2004, the company purchased a total of approximately 2.7 million shares at an average price of $29.84. As previously announced, the company paid a dividend of $0.03 per share on February 18, 2005, to stockholders of record as of January 28, 2005.