NEW YORK (MarketWatch) -- PetSmart Inc. shares (PETM) tumbled in premarket trade Wednesday after the company said it missed its sales goals in the first quarter and lowered its outlook for the rest of the year. "We did not achieve our sales goals, which were impacted by a challenging and volatile consumer environment and a competitive market," Chief Executive David Lenhardt said in a statement. The company said sales totaled $1.7 billion, up 1.1% from the year-earlier period, but below the FactSet consensus of $1.77 billion. The company posted earnings of $1.04 a share, up 6.1% from a year ago and above the consensus of $1.01. Lenhardt said the company expects same-store sales to be relatively flat for 2014 and flat to slightly lower in the second quarter. Shares were last down 8%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
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05-21-14 0846ETCopyright (c) 2014 Dow Jones & Company, Inc.
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