Petsmart reports fiscal 2006 results

For the whole of fiscal 2006 the company reported net income of $ 185.1 mio, compared with fiscal 2005 net income of $ 182.5 mio. Petsmart also announced its plans to exit the State Line Tack horse business, which includes 180 departments inside Petsmart stores, and to reallocate the space for higher-margin pet products or Pets Hotels. “The horse business operates quite differently than our core pet business, attracts a different customer, and doesn’t perform as well. Exiting the State Line Tack business is an investment in the company’s strategy and our long-term profitability. We expect it to be meaningfully accretive to earnings beginning in 2008,” Phil Francis, chairman and CEO, said.