Pet Smart reports results for the first quarter of 2008

Pet Smart reported net income of $41.2 mio for the first fiscal quarter of 2008. That compares with net income of $106.7 mio for the first quarter of fiscal 2007. Net sales for the first quarter of 2008 increased 9.1 per cent to $1.2 bn compared with the first quarter of 2007. Comparable store sales - or sales in stores open at least a year - grew 2.9 per cent in the first quarter, on top of 4 per cent in the same period in 2007. During the first quarter, pet services sales were $130.4 mio, up 21.6 per cent from the first quarter of last year.