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Stock Market & Financial Investment News

News Breaks
August 19, 2014
17:55 EDTPETMPetSmart to explore strategic alternatives, including potential sale
PetSmart announced that based on a thorough business review that began last spring, the Board of Directors has determined that it will explore strategic alternatives for the company to maximize value for shareholders, including a possible sale of the company. The Board has been working with JP Morgan Securities and Wachtell, Lipton, Rosen & Katz to assist in the process. Said Gregory P. Josefowicz, Chairman, “PetSmart has delivered superb returns for our investors over a long period of time, with our shares outperforming the S&P 500 in seven of the last 10 fiscal years, and five out of the last six. Indeed, 5-year total shareholder return as of our fiscal year ended February 2, 2014 was 259.3% versus 140.6% for the S&P 500. For the same period, we delivered EPS CAGR of 21%, with 272 basis points of operating income margin expansion, and we returned nearly $2 billion to shareholders through dividends and share repurchases. We are extremely proud of what our PetSmart team has accomplished and, despite recent headwinds affecting PetSmart and many retailers, firmly believe the Company is very well positioned for superior future performance.” He continued: “Notwithstanding our confidence in the Company’s future prospects, following a detailed Board review of the Company over the last several months, including many constructive conversations with a wide range of shareholders, we have decided to explore options to maximize shareholder value, including a potential sale of the Company.” “Whatever the outcome of the process, we are as committed as ever to continuing to meet the needs of our customers and their pets, attracting and retaining world class talent, and driving sales and margins,” said Josefowicz. “We are not providing a timetable for our process, nor do we intend to comment further or update the market until it is complete.” David K. Lenhardt, President and CEO, said, “The entire management team is dedicated to continuing to deliver value for our customers and our shareholders. We are focused on pursuing our strategic plans, including this afternoon’s announcement that we have entered into a definitive agreement to acquire Pet360 which will allow PetSmart to enhance its omni-channel capabilities and provide customers a unique and leading 360-degree shopping experience. This afternoon’s announcement about exploring alternatives will not distract the management team from continuing to pursue a broad range of performance improvement initiatives already underway.”
News For PETM From The Last 14 Days
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March 6, 2015
17:01 EDTPETMPetSmart shareholders approve acquisition by consortium led by BC Partners
PetSmart announced that its stockholders approved the acquisition of the company by a consortium led by BC Partners and including La Caisse de dépôt et placement du Québec, affiliates of StepStone Group LP and Longview Asset Management, at its special meeting of stockholders held March 6. Subject to the satisfaction or waiver of all closing conditions related to the transaction, PetSmart expects the transaction to close on March 11. At the closing of the transaction, PetSmart stockholders will receive, for each share of PetSmart common stock, $83.00 in cash.
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.

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