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UPDATE 1-PetSmart raises outlook after 1st-qtr profit beats
May 22, 2012 / 8:40 PM / 5 years ago

UPDATE 1-PetSmart raises outlook after 1st-qtr profit beats

* Q1 EPS $0.85 vs est $0.73

* Q1 revenue up 9.4 pct to $1.63 bln

* Sees Q2 EPS $0.61 to $0.65 vs est $0.65

* Raises FY2012 EPS $3.19 to $3.31

* Shares up 8 pct in after-market trade

May 22 (Reuters) - PetSmart Inc posted a better-than-expected quarterly profit and raised its full-year outlook on strong sales across all its product categories, sending its shares up 8 percent in after-market trade.

The pet products retailer lifted its full-year profit forecast to $3.19 per share to $3.31 per share, up from its previous forecast of $3.02 per share to $3.16 per share. Analysts were expecting $3.14 per share, according to Thomson Reuters I/B/E/S.

The company forecast a second-quarter profit of 61 cents per share to 65 cents per share, while analysts were expecting a profit of 65 cents per share.

First-quarter net income rose to $94.7 million, or 85 cents per share, from $70.9 million, or 61 cents per share, a year ago

Revenue rose 9 percent to $1.63 billion.

Analysts on average expected earnings of 73 cents per share, on revenue of $1.6 billion.

Shares of the Phoenix, Arizona-based company rose to $60 in extended trading. They closed at $55.62 on Tuesday on the Nasdaq.

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