Petco Profit Up Despite Charge for Retired Debt
From Dow Jones/Associated Press
Petco Animal Supplies Inc.’s earnings rose 7.8% in the latest quarter as solid sales gains and improved margins more than offset a substantial debt retirement charge.
The San Diego-based pet supplies chain reported net income for its fiscal fourth quarter of $20.9 million, or 36 cents a share, compared with $19.4 million, or 33 cents, a year earlier. Excluding the debt retirement charge, Petco earned $27.4 million, or 47 cents a share.
Fourth-quarter revenue climbed 12% to $455.7 million. Sales at stores open at least a year, a key measure of retail health, increased 5.6%.
For all of fiscal 2004, Petco earned $64.7 million on sales of $1.65 billion. The previous year, it earned $32.1 million on sales of $1.48 billion.
