Pets Mart bucks the downward economic trend

The leading U.S. pet speciality chain Pets Mart reported net income of $ 35.8 mio for the third quarter of 2008. That compares with net income of $ 29.5 million for the third quarter of 2007. Net sales for the third quarter of 2008 increased 12.1 per cent to $ 1.3 bn, compared to the third quarter of 2007. Comparable store sales - or sales in stores open at least a year - grew 5.4 per cent in the third quarter, on top of 1.4 per cent growth in the same period in 2007. During the third quarter, pet services sales were $ 127.8 million, up 15.2 per cent from the third quarter of last year. “The unique blend of staples and discretionary items inherent to our business model has allowed us to manage through this challenging environment and deliver on our guidance for the quarter," said Phil Francis, Chairman and Chief Executive Officer. “But we are not immune to the pressures of a slowing economy. We have decided to pull back even further on our capital spending in 2009 and focus on consistent execution and on outperforming in those areas of the business that differentiate Pets Mart from the competition.”