PHOENIX (AP) -- PetSmart Inc. said Tuesday that stronger sales drove its first-quarter profit up to beat expectations. The pet products retailer also raised its full-year outlook.
The news sent the Phoenix-based company's shares soaring in after-hours trading.
PetSmart reported after the market closed that it earned $94.7 million, or 85 cents per share, for the quarter that ended April 29. That's up from $70.9 million, or 61 cents per share, in the same quarter last year.
Its total revenue rose 9 percent to $1.63 billion as it sold more products and services at its stores, where shoppers can get anything from fish food to dog training.
PetSmart beat analyst expectations of 73 cents per share on revenue of $1.6 billion.
The company's revenue from stores open at least a year increased 7.4 percent. This is considered a key measure of financial performance as it strips away the impact of recently opened or closed stores.
PetSmart expects its strong sales trends to continue to improve and raised its full-year outlook. It now expects to earn $3.19 to $3.31 per share for the year, up from its previous forecast of $3.02 to $3.16 per share. Analysts had expected $3.11.
The company, based in Phoenix, operates more than 1,241 stores in North America.
PetSmart's shares jumped $4.94, nearly 9 percent, to $60.59 after hours. Its shares fell 11 cents to close regular trading at $55.62.
