Petsmart 2nd-Quarter Net Income Surges
Bloomberg News
Petsmart Inc. said second-quarter earnings rose more than sevenfold. The biggest U.S. retailer of pet supplies also increased its full-year profit forecast as demand for services such as grooming climbed.
Net income surged to $21.5 million, or 15 cents a share, from $2.8 million, or 2 cents, a year earlier. Sales rose 12% to $651.5 million in the three months ended Aug. 4.
Petsmart shares rose 39 cents to $16.25 on Nasdaq.
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