PetSmart Inc. reported first quarter net income of $22.1 million, compared with first quarter 2001’s net income of $1.2 million. The company’s revenue for the quarter was $645.8 million, compared with $582.2 million a year ago.
The quarter ended May 5.
In addition to its revenue jump, the company was able to keep its operating expenses to $120.2 million, a slight decrease from the $120.4 million it spent a year ago.
Furthermore, its service-based sales for the quarter were $37 million, up from $26.8 million a year ago.
“With many of the major investments in our distribution network, systems and developing pet services behind us, we continued to improve margins and began to leverage expenses against our top-line growth,” Phil Francis, PetSmart’s chairman and CEO said in a statement.
In addition to its retail outlets, PetSmart operates several pet and equine supply catalogs, as well as its petsmart.com Web site. The company is based on Phoenix.
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