The Associated Press
August 28, 2008 - 6:15 p.m.

PHOENIX, Ariz. - PetSmart Inc. said Thursday its profit slipped more than 20 by cent in the second quarter even taken in the character of sales grew.

The company reported net income of US$37.2 million, or 30 cents per share, for its take part by fiscal fourth part. That compares with net income of $47.1 million, or 35 cents per partake, in the same quarter of last year, which included a $6.7 million benefit from a one-time event.

Comparable store sales, a key indicator of a retailer’s soundness, grew 4.0 per cent in the second locality.

Total sales for the second quarter increased 11.2 per cent to $1.2 billion.

Analysts surveyed by Thomson Reuters expected the company to earn 28 cents a share on revenue of $1.2 billion.

“We are executing well in this tough environment and are on track to achieve our targets for the year,” said Phil Francis, chairman and chieftain executive of the pet goods retailer.

The company said it plans to mount back its plans to grow the number of stores moving forward.

Shares of PetSmart rose 2.4 per cent in after-market commercial to $25.