PetSmart Earnings Beat; Revenue Falls Short

A Petsmart pet groomer combs the hair of a teacup poodle.
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A Petsmart pet groomer combs the hair of a teacup poodle.

PetSmart reported fourth-quarter earnings that beat expectations but revenue fell short.

After the earnings announcement, the company's shares skidded in extended-hours trading. (Click here to get the latest quote.)

Net income jumped 31 percent to $134 million from $102 million in the year-earlier period.

Excluding items, earnings rose to $1.24 a share from 91 cents a share a year ago.

Revenue increased 15 percent to $1.88 billion from $1.64 billion a year ago, which the company attributed in part to favorable currency fluctuations.

Analysts had expected the pet-products retailer to report earnings excluding items of $1.21 a share on $1.89 billion in revenue, according to a consensus estimate from Thomson Reuters.

PetSmart repurchased $457 million in the company stock in 2012, including $175 million in the fourth quarter. There was also an extra week during the quarter.

The company said it expects sales growth of 2 to 4 percent in the first-quarter of 2013 and earnings in the range 92 cents a share to 98 cents a share.