PetSmart (PETM) Plunges After Lowering Guidance

After the close today, PetSmart (Nasdaq: PETM) is trading down 9.08% to $20.52 after reporting Q2 results and guiding the FY09 lower. PetSmart reported Q2 EPS of $0.31, 2 cents better than the analyst estimate of $0.29. Revenue for the quarter was $1.31 billion, versus the consensus of $1.32 billion.

However, PETM said it now sees FY09 EPS of $1.37-$1.45 versus its previous guidance range of $1.42-$1.52.

Comparable store sales did grow 0.8% in the second quarter.

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