http://www.morningstar.com/earnings/52449643-petm-petm-q1-2013.aspx

PETM PETM
Q1 2013 Earnings Call Transcript

Transcript Call Date 05/22/2013

Operator: Good afternoon, ladies and gentlemen, and welcome to PetSmart's First Quarter 2013 Analyst Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. As a reminder, this conference call is being recorded.

I would now like to introduce your host for today's conference Ms. April Lenhard, Director of Investor Relations.

April Lenhard - IR: Good afternoon, and welcome to PetSmart's conference call to announce our results for the first quarter of fiscal 2013.

With me on the call today are, Chairman and Chief Executive Officer, Bob Moran; President and Chief Operating Officer, David Lenhardt; as well as Chip Molloy, Executive Vice President and Chief Financial Officer. Bob will kick off the call with an overview of our results, and then Chip will take you through the financial review as well as our earnings guidance. David will review the operations of the business, and provide insights into the remainder of the year and finally we'll take your questions.

Please keep in mind, everything we cover during today's call, including the question-and-answer session, is subject to the Safe Harbor statement for forward-looking information you'll find in today's news release.

Thanks and I'll now turn the call over to Bob.

Robert F. Moran - Chairman and CEO: Thanks April, and good afternoon, everyone. We are pleased to report another quarter of solid earnings growth. For the first quarter, earnings per share were $0.98 up 15% when compared to $0.85 for the same period last year. Comparable store sales, or sales in stores open at least a year, grew 3.5% and comp transactions, which we use as a proxy for traffic were up 0.8%.

As the industry leader our focus on providing solutions for the lifetime needs of pets through an innovative merchandizing assortment, a suite of differentiated services offerings and a unique in-store experience has kept our pet parent customers highly engaged with our brand, resulting in positive comparable store sales growth and transaction growth. We are privileged to have the most passionate associates in the industry who engage with our pet parent customers to help them help their pets live long, healthy and happy lives.

Through our partnership with PetSmart Charities, we continue to make a real impact in our local communities by providing space in our stores for adoptable pets to find loving homes. We are proud to be able to help even more homeless pets with the launch of our exclusive new Tommy Bahama pets clothing and toy line. 5% of the purchase price of each limited edition item available exclusively at PetSmart through August will be donated to PetSmart Charities in the United States and Canada to help save homeless pets.

Switching gears, I would like to update you on our CFO search. I am pleased to report that last week we announced that Carrie Teffner will be joining the Company as Senior Vice President and Chief Financial Officer on June 3, 2013. Carrie brings more than 20 years of financial management experience to PetSmart. Most recently as Executive Vice President and Chief Financial Officer at Weber-Stephen Products, a leading manufacturer and exporter of barbecue grills and outdoor room products worldwide.

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