PetSmart, Inc. (NASDAQ: PETM) todayreported earnings of $0.50 per share, up 32% compared to $0.38 per share in thethird quarter of 2010. Net income totaled $56 million in the thirdquarter of 2011, compared to $46 million in the third quarter of 2010.
Total salesfor the third quarter of 2011 increased 8% to $1.5 billion. The increasein sales was partially impacted by $3 million in favorable foreigncurrency fluctuations. Comparable store sales, or sales in stores openat least a year, grew 6.1%, benefiting from comparable transactionsgrowth of 2.2%. Services sales, which are included in total sales, grew9% to $161 million.
During thethird quarter, the company generated $124 million in operatingcash flow, spent $28 million in capital expenditures, distributed$16 million in dividends, and repurchased $70 million of PetSmartstock. The company ended the quarter with $333 million in cash, cashequivalents and restricted cash and zero borrowings on its credit facility.
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