PETM » Topics » Our Strategy

These excerpts taken from the PETM 10-K filed Mar 26, 2009.
Our Strategy
 
Our strategy is to be the preferred provider for the lifetime needs of pets. Our primary initiatives include:
 
Add stores in existing multi-store, new multi-store and new single-store markets.  Our expansion strategy includes increasing our share in existing multi-store markets, penetrating new multi-store and single-store markets and achieving operating efficiencies and economies of scale in distribution, information systems, procurement, marketing and store operations. During 2008, we opened 104 net new stores, and in 2009, we expect to open approximately 40 net new stores. In 2009, we plan to slow our store growth by about 60% as we work to balance investing for the future and maximizing our greatest opportunity to deliver consistent stockholder returns.
 
Provide the right store format to meet the needs of our customers.  We completed the conversion of our store base to a specialty store format in 2003. We believe our reformatted stores, combined with our other strategic initiatives, contribute to higher comparable store sales growth, profitability and return on investment. We continually evaluate our store format to ensure we are meeting the needs and expectations of our customers,


2


Table of Contents

while providing a return on investment to our stockholders. In 2005, we tested a store refresh program that builds on the initial reformat and emphasizes our highly differentiated training and adoption services. We refreshed many of our existing stores with this new format in 2006, 2007 and 2008 and expect to continue the refresh of stores in 2009 and 2010.
 
Expand our pet services business.  Based on net sales, we are North America’s leading specialty provider of pet services, which include professional grooming, training, boarding and day camp. Pet services are an integral part of our strategy, and we are focused on driving profitable growth in our services business. We believe services differentiate us from our competitors, drive traffic and repeat visits to our stores, provide cross-selling opportunities, allow us to forge a strong relationship with our customers, increase transaction size and enhance operating margins. In 2005, we began the roll out of PetsHotel, a full-service in-store boarding facility for dogs and cats. The PetsHotel experience includes 24-hour supervision by our trained caregivers as well as an on-call veterinarian, temperature-controlled rooms and suites, daily specialty treats and playtime. In addition, each PetsHotel offers Doggie Day Campsm, a day camp service for dogs in climate-controlled play rooms with other dogs and our pet-loving staff trained in behavior assessment. As of February 1, 2009, we operated 142 PetsHotels. Pet services net sales grew by 16%, 22% and 26% in 2008, 2007 and 2006, respectively. We expect our ability to expand the pet services business will continue in 2009.
 
Offer superior customer service.  Our emphasis on the customer is designed to provide our customers with an unparalleled shopping experience every time they visit our stores. Using a detailed associate learning curriculum and role-playing techniques, we educate store associates to identify customer needs and provide appropriate solutions. We measure their success in every store, and a portion of the annual incentive program for the store management team is linked to customer satisfaction. By providing pet parents with expertise and solutions, we believe we are strengthening our relationships with customers, building loyalty and enhancing our leading market position, thus differentiating ourselves from grocery and other mass retailers.
 
Create meaningful differentiation that drives brand preference.  We are focused on developing and strengthening our brand identity and enhancing the emotional connection pet parents make with their pets and with PetSmart. In August 2005, we repositioned the PetSmart brand from its reputation as a “Mart” to “Smart,” to emphasize our capabilities as a resource of information, services and solutions. Our marketing and advertising efforts since have focused not only on emphasizing our unique offerings for customers, but also in promoting our strong value proposition. Through extensive and on-going customer research, we are gaining valuable insights into the wants and needs of our customers and developing solutions and communication strategies to address them. Our PetPerks® customer loyalty program, which is available in all PetSmart stores, plays a central role in this effort. We have increasingly greater capacity to customize offers more relevant to our customers, helping them build a stronger and more meaningful bond with their pet and a greater loyalty to PetSmart.
 
Drive efficiency and create a consistent customer experience by focusing on operating excellence.  Our operating excellence initiative — which emphasizes retail basics like store cleanliness, short check-out lines, a strong in-stock position, an effective supply chain and the care of the pets in our stores — allows us to provide a consistently superior shopping experience, even as we grow. It simplifies processes, makes our stores more efficient and easier to operate and allows associates to be more productive.
 
We believe these strategic initiatives will continue to drive comparable store sales, profitability and return on investment.


3


Table of Contents

Our
Strategy



 



Our strategy is to be the preferred provider for the lifetime
needs of pets. Our primary initiatives include:


 



Add stores in existing multi-store, new multi-store and new
single-store markets.
  Our expansion strategy
includes increasing our share in existing multi-store markets,
penetrating new multi-store and single-store markets and
achieving operating efficiencies and economies of scale in
distribution, information systems, procurement, marketing and
store operations. During 2008, we opened 104 net new
stores, and in 2009, we expect to open approximately 40 net
new stores. In 2009, we plan to slow our store growth by about
60% as we work to balance investing for the future and
maximizing our greatest opportunity to deliver consistent
stockholder returns.


 



Provide the right store format to meet the needs of our
customers.
  We completed the conversion of our
store base to a specialty store format in 2003. We believe our
reformatted stores, combined with our other strategic
initiatives, contribute to higher comparable store sales growth,
profitability and return on investment. We continually evaluate
our store format to ensure we are meeting the needs and
expectations of our customers,





2





Table of Contents






while providing a return on investment to our stockholders. In
2005, we tested a store refresh program that builds on the
initial reformat and emphasizes our highly differentiated
training and adoption services. We refreshed many of our
existing stores with this new format in 2006, 2007 and 2008 and
expect to continue the refresh of stores in 2009 and 2010.


 



Expand our pet services business.  Based on net
sales, we are North America’s leading specialty provider of
pet services, which include professional grooming, training,
boarding and day camp. Pet services are an integral part of our
strategy, and we are focused on driving profitable growth in our
services business. We believe services differentiate us from our
competitors, drive traffic and repeat visits to our stores,
provide cross-selling opportunities, allow us to forge a strong
relationship with our customers, increase transaction size and
enhance operating margins. In 2005, we began the roll out of
PetsHotel, a full-service in-store boarding facility for dogs
and cats. The PetsHotel experience includes
24-hour
supervision by our trained caregivers as well as an on-call
veterinarian, temperature-controlled rooms and suites, daily
specialty treats and playtime. In addition, each PetsHotel
offers Doggie Day
Campsm,

a day camp service for dogs in climate-controlled play rooms
with other dogs and our pet-loving staff trained in behavior
assessment. As of February 1, 2009, we operated 142
PetsHotels. Pet services net sales grew by 16%, 22% and 26% in
2008, 2007 and 2006, respectively. We expect our ability to
expand the pet services business will continue in 2009.


 



Offer superior customer service.  Our emphasis
on the customer is designed to provide our customers with an
unparalleled shopping experience every time they visit our
stores. Using a detailed associate learning curriculum and
role-playing techniques, we educate store associates to identify
customer needs and provide appropriate solutions. We measure
their success in every store, and a portion of the annual
incentive program for the store management team is linked to
customer satisfaction. By providing pet parents with expertise
and solutions, we believe we are strengthening our relationships
with customers, building loyalty and enhancing our leading
market position, thus differentiating ourselves from grocery and
other mass retailers.


 



Create meaningful differentiation that drives brand
preference.
  We are focused on developing and
strengthening our brand identity and enhancing the emotional
connection pet parents make with their pets and with PetSmart.
In August 2005, we repositioned the PetSmart brand from its
reputation as a “Mart” to “Smart,” to
emphasize our capabilities as a resource of information,
services and solutions. Our marketing and advertising efforts
since have focused not only on emphasizing our unique offerings
for customers, but also in promoting our strong value
proposition. Through extensive and on-going customer research,
we are gaining valuable insights into the wants and needs of our
customers and developing solutions and communication strategies
to address them. Our
PetPerks®

customer loyalty program, which is available in all PetSmart
stores, plays a central role in this effort. We have
increasingly greater capacity to customize offers more relevant
to our customers, helping them build a stronger and more
meaningful bond with their pet and a greater loyalty to PetSmart.


 



Drive efficiency and create a consistent customer experience
by focusing on operating excellence.
  Our
operating excellence initiative — which emphasizes
retail basics like store cleanliness, short check-out lines, a
strong in-stock position, an effective supply chain and the care
of the pets in our stores — allows us to provide a
consistently superior shopping experience, even as we grow. It
simplifies processes, makes our stores more efficient and easier
to operate and allows associates to be more productive.


 



We believe these strategic initiatives will continue to drive
comparable store sales, profitability and return on investment.





3





Table of Contents







These excerpts taken from the PETM 10-K filed Mar 31, 2008.
Our Strategy
 
Our strategy is to be the preferred provider for the lifetime needs of pets. Our primary initiatives include:
 
Add stores in existing multi-store, new multi-store and new single-store markets.  Our expansion strategy includes increasing our share in existing multi-store markets, penetrating new multi-store and single-store markets and achieving operating efficiencies and economies of scale in distribution, information systems, procurement, marketing and store operations. During 2007, we opened 100 net new stores, inclusive of the acquisition of 19 store locations resulting in 18 net new stores in Canada, and in 2008, we expect to open 104 net new stores. In 2009, we plan to slow our store growth by about 20% as we work to balance between investing for the future and maximizing our greatest opportunity to deliver consistent stockholder returns.
 
Provide the right store format to meet the needs of our customers.  We completed the conversion of our store base to a specialty store format in 2003. We believe our reformatted stores, combined with our other strategic initiatives, contribute to higher comparable store sales growth, profitability and return on investment. We


2


Table of Contents

continually evaluate our store format to ensure we are meeting the needs and expectations of our customers, while providing a return on investment to our stockholders. In 2005, we tested a store refresh program that builds on the initial reformat and emphasizes our highly differentiated training and adoption services. We refreshed many of our existing stores with this new format in 2006 and 2007 and expect to continue the program in 2008 and complete the refresh of all stores in 2009.
 
Expand our pet services business.  Based on net sales, we are North America’s leading specialty provider of pet services, which include professional grooming, training, boarding and day camp. Pet services are an integral part of our strategy, and we are focused on driving profitable growth in our services business. We believe services differentiate us from our competitors, drive traffic and repeat visits to our stores, provide cross-selling opportunities, allow us to forge a strong relationship with our customers, increase transaction size and enhance operating margins. In 2005, we began the roll out of PetsHotel, a full-service in-store boarding facility for dogs and cats. The PetsHotel experience includes 24-hour supervision by our trained caregivers as well as an on-call veterinarian, temperature controlled rooms and suites, daily specialty treats and playtime. In addition, each PetsHotel offers Doggie Day Campsm, a day camp service for dogs in climate-controlled play rooms with other dogs and our pet-loving staff trained in behavior assessment. As of February 3, 2008, we operated 97 PetsHotels. Pet services net sales grew by 22%, 26% and 24% in 2007, 2006 and 2005, respectively. We expect our ability to expand the pet services portion of our business will continue in 2008.
 
Offer superior customer service.  Our emphasis on the customer is designed to provide our customers with an unparalleled shopping experience every time they visit our stores. Using a detailed associate learning curriculum and role-playing techniques, we educate store associates to identify customer needs and provide appropriate solutions. We measure their success in every store, and a portion of the annual incentive program for the store management team is linked to customer satisfaction. By providing pet parents with expertise and solutions, we believe we are strengthening our relationships with customers, building loyalty and enhancing our leading market position.
 
Differentiate ourselves through effective brand management.  We are focused on developing and strengthening our brand identity. In August 2005, we announced a new marketing campaign that repositioned the PetSmart brand from its reputation as a “Mart” to “Smart,” to emphasize our capabilities as a resource of information, services and solutions. As part of the campaign, we changed our logo to highlight the “Smart” piece of the PetSmart name and rolled out new advertising that emphasizes our unique offerings for customers.
 
We have created tools to effectively communicate our unique value proposition and our ability to provide Total Lifetime Care for pets, and we continue to build enduring relationships with our customers. Our customer loyalty program, PetPerks, is available in all PetSmart stores. We will continue using a customer database that allows us to track and analyze customer shopping patterns. We use this information to customize direct marketing and promotional materials and to more effectively communicate with customers across all channels.
 
Drive efficiency and create a consistent customer experience by focusing on operating excellence.  Our operating excellence initiative — which emphasizes retail basics like store cleanliness, short check out lines, a strong in-stock position, an effective supply chain and the care of the pets in our stores — allows us to provide a consistently superior shopping experience, even as we grow. It simplifies processes, makes our stores more efficient and easier to operate and allows associates to be more productive.
 
We believe these strategic initiatives will continue to drive comparable store sales growth, profitability and return on investment.


3


Table of Contents

Our
Strategy



 



Our strategy is to be the preferred provider for the lifetime
needs of pets. Our primary initiatives include:


 



Add stores in existing multi-store, new multi-store and new
single-store markets.
  Our expansion strategy
includes increasing our share in existing multi-store markets,
penetrating new multi-store and single-store markets and
achieving operating efficiencies and economies of scale in
distribution, information systems, procurement, marketing and
store operations. During 2007, we opened 100 net new
stores, inclusive of the acquisition of 19 store locations
resulting in 18 net new stores in Canada, and in 2008, we
expect to open 104 net new stores. In 2009, we plan to slow
our store growth by about 20% as we work to balance between
investing for the future and maximizing our greatest opportunity
to deliver consistent stockholder returns.


 



Provide the right store format to meet the needs of our
customers.
  We completed the conversion of our
store base to a specialty store format in 2003. We believe our
reformatted stores, combined with our other strategic
initiatives, contribute to higher comparable store sales growth,
profitability and return on investment. We





2





Table of Contents






continually evaluate our store format to ensure we are meeting
the needs and expectations of our customers, while providing a
return on investment to our stockholders. In 2005, we tested a
store refresh program that builds on the initial reformat and
emphasizes our highly differentiated training and adoption
services. We refreshed many of our existing stores with this new
format in 2006 and 2007 and expect to continue the program in
2008 and complete the refresh of all stores in 2009.


 



Expand our pet services business.  Based on net
sales, we are North America’s leading specialty provider of
pet services, which include professional grooming, training,
boarding and day camp. Pet services are an integral part of our
strategy, and we are focused on driving profitable growth in our
services business. We believe services differentiate us from our
competitors, drive traffic and repeat visits to our stores,
provide cross-selling opportunities, allow us to forge a strong
relationship with our customers, increase transaction size and
enhance operating margins. In 2005, we began the roll out of
PetsHotel, a full-service in-store boarding facility for dogs
and cats. The PetsHotel experience includes
24-hour
supervision by our trained caregivers as well as an on-call
veterinarian, temperature controlled rooms and suites, daily
specialty treats and playtime. In addition, each PetsHotel
offers Doggie Day
Campsm,
a day camp service for dogs in climate-controlled play rooms
with other dogs and our pet-loving staff trained in behavior
assessment. As of February 3, 2008, we operated 97
PetsHotels. Pet services net sales grew by 22%, 26% and 24% in
2007, 2006 and 2005, respectively. We expect our ability to
expand the pet services portion of our business will continue in
2008.


 



Offer superior customer service.  Our emphasis
on the customer is designed to provide our customers with an
unparalleled shopping experience every time they visit our
stores. Using a detailed associate learning curriculum and
role-playing techniques, we educate store associates to identify
customer needs and provide appropriate solutions. We measure
their success in every store, and a portion of the annual
incentive program for the store management team is linked to
customer satisfaction. By providing pet parents with expertise
and solutions, we believe we are strengthening our relationships
with customers, building loyalty and enhancing our leading
market position.


 



Differentiate ourselves through effective brand
management.
  We are focused on developing and
strengthening our brand identity. In August 2005, we announced a
new marketing campaign that repositioned the PetSmart brand from
its reputation as a “Mart” to “Smart,” to
emphasize our capabilities as a resource of information,
services and solutions. As part of the campaign, we changed our
logo to highlight the “Smart” piece of the PetSmart
name and rolled out new advertising that emphasizes our unique
offerings for customers.


 



We have created tools to effectively communicate our unique
value proposition and our ability to provide Total Lifetime Care
for pets, and we continue to build enduring relationships with
our customers. Our customer loyalty program, PetPerks, is
available in all PetSmart stores. We will continue using a
customer database that allows us to track and analyze customer
shopping patterns. We use this information to customize direct
marketing and promotional materials and to more effectively
communicate with customers across all channels.


 



Drive efficiency and create a consistent customer experience
by focusing on operating excellence.
  Our
operating excellence initiative — which emphasizes
retail basics like store cleanliness, short check out lines, a
strong in-stock position, an effective supply chain and the care
of the pets in our stores — allows us to provide a
consistently superior shopping experience, even as we grow. It
simplifies processes, makes our stores more efficient and easier
to operate and allows associates to be more productive.


 



We believe these strategic initiatives will continue to drive
comparable store sales growth, profitability and return on
investment.





3





Table of Contents







This excerpt taken from the PETM 10-K filed Mar 28, 2007.
Our Strategy
 
Our strategy is to be the preferred provider for the lifetime needs of pets. Our primary initiatives include:
 
Add stores in existing multi-store, new multi-store and new single-store markets.  We believe there is a potential for at least 1,400 PetSmart stores in North America. Our expansion strategy includes increasing our share in the top 60 existing multi-store markets, penetrating new multi-store and single-store markets and achieving operating efficiencies and economies of scale in distribution, information systems, procurement, marketing and store operations. During fiscal 2006, we opened 82 net new stores, and in fiscal 2007, we expect to open approximately 100 net new stores, primarily in multi-store markets, inclusive of the anticipated acquisition of 19 Super Pet stores in Canada, which was announced February 15, 2007.
 
Provide the right store format to meet the needs of our customers.  We completed the conversion of our store base to a specialty store format in fiscal 2003. We believe our reformatted stores, combined with our other strategic initiatives, contribute to higher comparable store sales growth, profitability and return on investment. We continually evaluate our store format to ensure we are meeting the needs and expectations of our customers, while providing a return on investment to our stockholders. In fiscal 2004, we completed the roll out of an upgraded in-store sign package to better serve the needs of our customers. In fiscal 2005, we tested a store refresh program


2


Table of Contents

that builds on the initial reformat and emphasizes our highly differentiated training and adoption services. We began refreshing our existing stores with this new format in fiscal 2006 and will continue the program in fiscal 2007 and 2008.
 
Expand our pet services business.  Based on net sales, we are North America’s leading provider of pet services, which include professional grooming, training, boarding and day camp. Pet services are an integral part of our strategy, and we are focused on driving profitable growth in our services business. We believe services differentiate us from our competitors, drive traffic and repeat visits to our stores, provide cross-selling opportunities, allow us to forge a strong relationship with our customers, increase transaction size and enhance operating margins. In fiscal 2005, we began the roll out of PetsHotel, a full-service in-store boarding facility for dogs and cats. The PetsHotel experience includes 24-hour supervision by our safety-certified and trained caregivers as well as an on-call veterinarian, temperature controlled rooms and suites, daily specialty treats and playtime. In addition, each PetsHotel offers Doggie Day Campsm, a day camp service for dogs in climate-controlled play rooms with other dogs and our safety-certified, pet-loving staff trained in behavior assessment. As of January 28, 2007, we operated 62 PetsHotels, and we estimate an ultimate build out of 435 PetsHotels. Pet services net sales grew by 26%, 24% and 24% in fiscal 2006, 2005 and 2004, respectively. We are confident in our ability to continue to expand the pet services portion of our business.
 
As of January 28, 2007, there were full-service veterinary hospitals in 608 of our stores. Medical Management International, Inc., a third-party operator of veterinary hospitals, operated 596 of the hospitals under the registered trade name of Banfield, The Pet Hospital. The remaining 12 hospitals are located in Canada and operated by other third-parties.
 
Offer superior customer service.  Our emphasis on the customer is designed to provide our customers with an unparalleled shopping experience every time they visit our stores. Using a detailed associate learning curriculum and role-playing techniques, we educate store associates to identify customer needs and provide appropriate solutions. We measure their success in every store, and a portion of the annual incentive program for the store management team is linked to key customer service and in-stock metrics. By providing pet parents with expertise and solutions, we believe we are strengthening our relationships with customers, building loyalty and enhancing our leading market position.
 
Differentiate ourselves through effective brand management.  We are focused on developing and strengthening our brand identity. In August 2005, we announced a new marketing campaign that repositioned the PetSmart brand from its reputation as a “Mart” to “Smart,” to emphasize our capabilities as a resource of information, services and solutions. As part of the campaign, we changed our logo to highlight the “Smart” piece of the PetSmart name and rolled out new advertising that emphasizes our unique offerings for customers.
 
We are creating tools to effectively communicate our unique value proposition and our ability to provide Total Lifetime Care for pets, and we continue to build enduring relationships with our customers. We have completed the rollout of PetPerks, our customer loyalty program. As of January 28, 2007, PetPerks was available in all PetSmart stores. We will continue using a centralized customer database that allows us to track and analyze customer shopping patterns. We use this information to customize direct marketing and promotional materials and to more effectively communicate with customers across all channels.
 
Drive efficiency and create a consistent customer experience by focusing on operating excellence.  Our operating excellence initiative — which emphasizes retail basics like store cleanliness, short check out lines, a strong in-stock position and the care of the pets in our stores — allows us to provide a consistently superior shopping experience, even as we grow. It simplifies processes, makes our stores more efficient and easier to operate and allows associates to be more productive.
 
We believe these strategic initiatives will continue to drive comparable store sales growth, profitability and return on investment.


3


Table of Contents

 
This excerpt taken from the PETM 10-K filed Apr 10, 2006.
Our Strategy
 
Our strategy is to be the preferred provider for the lifetime needs of pets. Our primary initiatives include:
 
Add stores in existing multi-store, new multi-store and new single-store markets.  We believe there is a potential for at least 1,400 PetSmart stores in North America. Our expansion strategy includes increasing our share in the top 60 existing multi-store markets, penetrating new multi-store and single-store markets and achieving operating efficiencies and economies of scale in distribution, procurement, marketing and store operations. During fiscal 2005, we opened 100 net new stores, and in fiscal 2006, we expect to open approximately 90 net new stores, primarily in multi-store markets.
 
Provide the right store format to meet the needs of our customers.  We completed the conversion of our store base to our new specialty store format in fiscal 2003. We believe our reformatted stores, combined with our other strategic initiatives, contribute to higher comparable store sales growth, profitability and return on investment. We continually evaluate our store format to ensure we are meeting the needs and expectations of our customers, while providing a return on investment to our shareholders. In fiscal 2004, we completed the roll out of an upgraded in-store sign package to better serve the needs of our customers. In fiscal 2005, we tested a new store refresh


2


Table of Contents

program that builds on the initial reformat and emphasizes our highly differentiated training and adoption services. We will refresh our existing stores with this new format in fiscal 2006, 2007 and 2008.
 
Expand our pet services business.  Based on sales, we are the leading provider of pet services, which include professional grooming, pet training, boarding and day camp. Pet services are an integral part of our strategy, and we are focused on driving profitable growth in our services business. We believe services differentiate us from our competitors, drive traffic and repeat visits to our stores, provide cross-selling opportunities, allow us to forge a strong relationship with our customers, increase transaction size and enhance operating margins. In fiscal 2005, we began the roll out of the PetsHoteltm, a full-service boarding and day camp service offered inside our stores. At the end of the fiscal year, we operated 32 PetsHotels in our stores in addition to one stand-alone location and seven additional in-store Doggie Day Camps that are not part of a full hotel, on our way to an ultimate build out of 300 hotels and 40 additional Doggie Day Camps. Pet services revenue, which includes grooming, pet training, PetSmart PetsHotel and Doggie Day Camp, grew by 24%, 24% and 25% in fiscal 2005, 2004 and 2003, respectively. We are confident in our ability to continue to expand the pet services portion of our business.
 
Through our strategic relationship with Banfield, The Pet Hospital, operating under the registered trademark of Banfield, and with other third-party operators, we made full-service veterinary care available in 525 of our stores as of January 29, 2006.
 
Offer superior customer service.  Our emphasis on the customer is designed to provide our customers with an unparalleled shopping experience every time they visit our stores. Using a detailed curriculum and role-playing techniques, we educate store associates to identify customer needs and provide appropriate solutions. We measure their success in every store, and a portion of the annual incentive program for managers, from the store level to the executive team, is linked to key customer service and in-stock metrics. By providing pet parents with expertise and solutions, we believe we are strengthening our relationships with customers, building loyalty and enhancing our leading market position.
 
Differentiate ourselves through effective brand management.  We are focused on developing and strengthening our brand identity. In August 2005, we announced a new marketing campaign that repositions the PetSmart brand from its current reputation as a “Mart” to “Smart” which emphasizes our capabilities as a resource of information, services and solutions. As part of the campaign, we changed our logo to highlight the “Smart” piece of the PetSmart name and rolled out new advertising that emphasizes our unique offerings for customers.
 
We are creating tools to effectively communicate our unique value proposition and vision of providing Total Lifetime Caresm for pets, and we continue to build enduring relationships with our customers. We continue to roll out our customer loyalty program, the PetPerks® savings card. As of January 29, 2006, PetPerks was available in all PetSmart stores capturing more than two-thirds of transactions and more than three-fourths of sales. We will continue using a centralized customer database that allows us to track and analyze customer shopping patterns. We intend to use this information to customize direct marketing and promotional materials and to more effectively communicate with customers across all channels.
 
We believe these strategic initiatives will continue to drive enhanced comparable store sales growth, profitability and return on investment.
 

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