PetSmart issued earnings guidance of $1.40 to $1.50 per share for the 2009 year. Analysts had previously predicted earnings for 2009 of $1.48 per share and were disappointed by the company's weak guidance.
On November 20, 2008 PETM reported its net income for Q3 rose to $35.8 million, an inrease of $6.3 million from $29.5 million in Q3 of last year.
PetSmart reduced its earnings forecast for the third quarter as well as the full year. Decline in demand has impacted the company’s sales and profitability. PetSmart reduced its estimates from $0.21-0.23 per share to $0.17-0.20 per share.