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Retail After the Bell: PetSmart, Limited Brands
Thursday, November 17, 12:22 PM ET

PetSmart (PETM) reported third quarter earnings after the close of trading late yesterday.

Profits rose to $56.2 million, or $0.60 per share, from $45.6 million, or $0.38 per share, in last year’s third quarter.

Revenue rose 8% to $1.5 billion, on a 6.1% increase in same-store sales.

Results were slightly ahead of analyst estimates.

PetSmart raised its full-year forecast to earnings of $2.50 to $2.54 per share, compared to a prior forecast of $2.46 to $2.52 per share. Analyst estimates fall within the new forecast, although the company’s fourth quarter forecast for earnings of $0.85 to $0.89 per share is largely below expectations.

Rival PetCo is privately held, although PetSmart also competes heavily with discounters like Wal-Mart (NYSE:WMT) and Target (NYSE:TGT).

Also late yesterday, Limited Brands (LTD) posted third quarter earnings of $94.3 million, or $0.31 per share, compared to $61.3 million, or $0.18 per share, last year.

Adjusted earnings of $0.25 per share were just ahead of analyst expectations.

Net sales rose to $2.17 billion from $1.98 billion last year, meeting analyst forecasts, on 9% same-store sales growth across the company’s brands.

Limited Brands, parent to its namesake stores as well as Victoria’s Secret and Bath and Body Works, said it now expects full year earnings of $2.38 to $2.53 per share, up from a prior forecast of $2.35 to $2.50 per share. The new forecast falls short of analyst estimates on the low end.

Rival apparel retailer Abercrombie & Fitch (NYSE:ANF) posted results below analyst expectations yesterday.

For MarketNewsVideo.com, I’m Sayoko Murase.

Retail After the Bell: PetSmart, Limited Brands picture
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