PetSmart's quarterly sales climb 7.5% as retailer bets on private labels
BNN Bloomberg
PetSmart's second-quarter performance was buoyed by higher merchandise and services revenues, according to people with knowledge of the situation.
The BC Partners-owned pet supply retailer booked US$2.5 billion in sales for the quarter ended July 31, up 7.5 per cent from the same period a year ago, said the people, who asked not to be identified because the results were private.
Big box retailers have been battered by rising costs and weakening demand. While the pet sector is not immune to these pressures, it is holding up fairly well because consumers are continuing to spend on pet food and healthcare.
A big portion of PetSmart’s business comes from consumables, like pet food, which have lower margins but are stickier compared to higher-margin products like toys.
