PetSmart, Inc (PETM) has reported a marginal increase of 0.44 percent in profit for the quarter ended Feb. 01, 2015. The company has earned $132.10 million, or $1.32 a share, compared with $131.52 million or $1.28 a share, a year ago. On the other hand, adjusted net income for the quarter stood at $143 million, or $1.43 a share compared with $131.50 million or $1.28 a share, a year ago.
Revenue during the quarter grew 6.03 percent to $1,913.78 million from $1,804.87 million in the previous year period. Gross margin for the quarter contracted 18 basis points over the previous year period to 31.18 percent. Total expenses were 88.34 percent of quarterly revenues, up from 88 percent for the same period last year. That has resulted in a contraction of 34 basis points in operating margin to 11.66 percent.
Operating income for the quarter was $223.07 million, compared with $216.58 million in the previous year period.
Working capital increases sharply
PetSmart, Inc has recorded an increase in the working capital over the last year. It stood at $728.76 million as at Feb. 01, 2015, up 39.10 percent or $204.87 million from $523.90 million on Feb. 02, 2014. Current ratio was at 1.87 as on Feb. 01, 2015, up from 1.66 on Feb. 02, 2014.
Debt comes down marginally
PetSmart, Inc has recorded a decline in total debt over the last one year. It stood at $510.87 million as on Feb. 01, 2015, down 1.47 percent or $7.62 million from $518.48 million on Feb. 02, 2014. Total debt was 18.07 percent of total assets as on Feb. 01, 2015, compared with 20.56 percent on Feb. 02, 2014. Debt to equity ratio was at 0.37 as on Feb. 01, 2015, down from 0.47 as on Feb. 02, 2014. Interest coverage ratio improved to 17.47 for the quarter from 16.85 for the same period last year.
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