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11:00 AM Eastern Standard Time, 03/04/2010 (MidnightTrader) — PetSmart is surging ahead in morning trade on the back of a strong outlook for 2010, despite posting a decline in profit in the fourth quarter.
The pet supplies retailer said it was "cautiously optimistic about the economic climate," and expects earnings of $1.73 to $1.83 a share, with sales in the low-to mid-single digit. A survey of analysts by Thomson Reuters expects earnings of $1.68 a share and sales gaining 5% on year to $5.53 billion.
Shares opened at $30.20, and have traded between $16.17 and $30.25 over the past 12 months.
In the fourth quarter, the country’s largest pet food retailer posted earnings of $75 million, or 61 cents a share, down from $78.4 million, or 62 cents a share, a year ago. The company had forecast earnings to reach 52 to 56 cents a share.
Price: 29.97, Change: +2.26, Percent Change: +8.16
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