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May 21, 2014
11:36 EDTPETM, WOOFPetSmart hits 52-week low after profit outlook trails expectations
Shares of pet products and services supplier PetSmart (PETM) are sinking after the company reported mixed first quarter results and issued weaker than expected profit outlooks for the second quarter and fiscal 2014. WHAT'S NEW: This morning, PetSmart reported Q1 earnings per share of $1.04 and revenue of $1.7B, compared to expectations of $1.01 and $1.77B, respectively. Q1 same store sales decreased 0.6%, with comparable transactions down 2.2%. The company forecast Q2 EPS of 92c-96c, trailing the consensus of $1.00. Q2 SSS are seen to be flat to slightly down. For FY14, PetSmart forecast EPS of $4.29-$4.39, compared to consensus of $4.45. It sees FY14 net sales growth in the low single digits, versus consensus $7.25B. FY14 SSS are expected to be relatively flat. PRICE ACTION: In late morning trading, PetSmart fell $4.89, or about 7.9%, to $57.30 on nearly four times its average daily trading volume. Earlier in the session, the stock hit a new 52-week low of $56.77. Including today's pull back, the stock is down about 18% over the past twelve months. OTHERS TO WATCH: Other companies in the pet supply space include privately owned PETCO Animal Supplies and VCA Antech (WOOF), which provides veterinary services and diagnostic testing to support veterinary caregivers.
News For PETM;WOOF From The Last 14 Days
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March 6, 2015
09:23 EDTPETMHanesbrands split could be precursor to index addition, says FBR Capital
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March 5, 2015
09:25 EDTPETMPetSmart to host special shareholder meeting
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March 4, 2015
09:08 EDTPETMPetSmart says on track for $200M cost saving target by FY16
In 3Q14, PetSmart announced a profit improvement program. The company believes it is on track to meet or exceed run-rate pre-tax cost savings target of $200M under this program by the end of FY16. The company anticipates incurring a total of approximately $30M in one-time charges associated with this program.
09:05 EDTPETMPetSmart reports Q4 SSS up 2.6%
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09:04 EDTPETMPetSmart says not providing 2015 guidance in light of pending transaction
On December 14, 2014, PetSmart entered into a definitive agreement to be acquired by a consortium led by BC Partners, Inc. at a price of $83.00 per share in cash. The transaction is expected to close in 1Q15, subject to shareholder approval and other customary closing conditions. The special meeting of shareholders to consider and vote on the transaction will be held on March 6, 2015. In light of the pending transaction, the company is not providing guidance for 2015 and will not be holding a conference call to discuss its fourth quarter and fiscal year 2014 results.
09:03 EDTPETMPetSmart reports Q4 adjusted EPS $1.43, consensus $1.38
Reports Q4 revenue $1.91B, consensus $1.87B. Adjusted EPS excludes one-time costs associated with the profit improvement program and transaction-related costs related to the sale of the company.
March 3, 2015
15:20 EDTPETMNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include PetSmart (PETM), consensus $1.38... Trina Solar (TSL), consensus 13c... Lexicon Pharmaceuticals (LXRX), consensus (3c)... Abercrombie & Fitch (ANF), consensus $1.15... American Eagle Outfitters (AEO), consensus 34c... E. W. Scripps (SSP), consensus 40c.
March 2, 2015
07:27 EDTWOOFRaymond James to hold a conference
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