Strong growth in pet services

Pets Mart, one of the leading pet speciality retailers in the USA, completed the second quarter 2003 (ended August 4) with sales up 11,4 per cent over the corresponding period last year. Net sales amounted to $ 725.8 mio (€ 667.3 mio). Comparable store sales – or sales in stores open at least a year – grew 7.9 per cent over the second quarter of last year, when the company turned in comparable store sales growth of 11.4 per cent. Pet services sales were $ 50.4 mio (€ 46.3 mio), up 27.7 per cent over the second quarter of last year. The company reports net income of $ 28.1 mio (€ 25.8 mio). During the period, the pet retailer opened 16 new stores, closed for locations and reformatted 63 stores. The company expects to open 26 new stores and close two locations in the third quarter of 2003.