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After the closing bell yesterday, PetSmart (NASDAQ: PETM) announced that its first-quarter profit increased 12%. The results were driven by higher merchandise and service sales. PETM earned $46.3 million, or 37 cents per share -- a nickel better than last year's same-quarter results. The firm also topped Wall Street's expectations, which called for earnings of 30 cents per share. Quarterly revenue increased 9% to $1.33 billion, which fell short of the consensus estimate of revenue of $1.35 billion.
The company's merchandise sales increased 9% to $1.18 billion, with pet service sales increasing 10% to $142.8 million.
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