PETsMART, Inc. reported second quarter sales of $582.4 million, an 8.1% increase over the same period last year.
The Phoenix, AZ-based firm, which sells pet supplies through stores and the Internet, also reported net income of $2.8 million on a diluted basis, a $4.7 million increase over the same period in 2000. A $10.3 million tax benefit related to losses from PetsMART.com was offset by $16 million in one-time charges.
The firm is “actively committed to growing sales and margins while we aggressively manage expenses,” said CEO Phil Francis in a statement.
Sales rose by 8.6% during the first half to $1.17 billion, and net income increased by $5.3 million.
The firm opened 24 stores and closed four locations during the six-month period.
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