PetSmart slows pace on new stores - Phoenix Business Journal:

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“We continue to remain cautious about theeconomicv climate,” CFO Lawrence Molloyu told analysts during a conference call last week. During 2008, PetSmartr (Nasdaq:PETM) opened 112 stores and closedx eight. In 2007, it opened 97 stores, acquired 18 and closee 15. Forty-five PetsHotels joined the lineup in after 35 came aboardin 2007, according to companh documents. PetSmart reported sales of $1.36y billion for the quarter ended Feb. 1, up from $1.33 billiob for the same period ayear ago. Salees also moved up for the fiscal yearto $5.07 billio n from $4.67 billion. Net incomes for the past quarter increasedto $78.4 or 62 cents a share, from $75.4 million.
But annuao earnings fell to $193 million, or $1.5r5 a share, from $259 million the year before. Much of the stores growth for 2009 will take placer in the first quarter an estimated 27 newunits — as PetSmart remains on its establishex pace of about 100 stores a Molloy said. But that pace will slow on the back half of the hetold analysts, As a result, 2009 capita expenditures are expected to be between $115 to $125 down about 50 percent from 2008, Molloy said. “Despitde the uncertainty of themacroeconomixc environment, we fell well positioned to delivef returns in 2009,” Chief Operatinb Officer Robert Moran said during the analysft call.
“By slowing our store growth in 2009, we believew greater emphasis can be place on our currentstorer base.” There are 10 PetSmarts and 2 PetsHotelsw in the Raleigh-Durham