PetSmart Q4 profit surges 13%

Phoenix -- PetSmart Inc. reported Thursday that profit for the fourth quarter rose 13% to $102 million, compared with $90.3 million in the year-ago period. Revenue during the quarter was $1.64 billion, up from $1.52 billion a year earlier and beating Wall Street’s expected $1.62 billion in revenue. Same-store sales rose 5.5%. For the full year of 2011, the company reported net income of $290.2 million, up from $239.9 million in 2010. Revenue for the year was $6.11 billion, up from $5.69 billion the year before.