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Non-Tech : PETM - Petsmart
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To: Diamondcutter who wrote (1205)7/9/1998 6:32:00 PM
From: Anthony Wong  Read Replies (1) of 1508
 
PetsMart's bark may bite into stock

By Pueng Vongs, CBS MarketWatch
Last Update: 06:10 PM July 09, 1998

PHOENIX (CBS.MW) -- PetsMart shares may scamper lower Friday
after the pet supplies retailer warned it sees second-quarter results below
Wall Street's expectations.

PetsMart (PETM) said it expects its
second-quarter outcome to range from nil to a loss
of 2 cents a share. Analysts surveyed by Zacks
Investment Research were expecting a profit of 2
cents.

PetsMart shares closed down 5 1/16 to 10 1/16,
ahead of the report.

The company cited non-recurring charges
stemming from severance costs for senior
management positions and provisions for legal and
setttlement costs. In addition, the company said it
received fewer purchasing discounts as it trimmed
inventories to increase operating efficiency. The company also said
operations in the U.K. continue to be impacted by uncertain economic
conditions.

To date, same-store sales in the second quarter are approximately 8
percent in North America and zero in the U.K., the company added.

Despite the earnings shortfall, chief executive Philip Francis said in a
statement he remains confident about the company's operating
performance for the remainder of 1998.

"Our North American operating performance is improving as indicated by
our strong comparable store sales growth and we continue to strengthen
our balance sheet, including anticipating ending the second quarter with
cash of approximately $70 million," said Francis.

Pueng Vongs is spot news editor for CBS MarketWatch.

cbs.marketwatch.com
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