PetSmart Profit Rises 4.6%

PetSmart posted a slightly higher fiscal 1st-Q profit as the pet-products retailer continued to hold up well against the recession, although it trimmed its full-year outlook. PetSmart recently boosted its dividend & authorized $350M buyback as cash flow remains strong. Still, facing competition from Wal-Mart & Target, it has slowed its expansion to concentrate on operating improvements & cost savings. PetSmart, which operates over 1,145 pet stores in the U.S. & CN, plans to expand 40 stores this yr. For the quarter ended Aug. 2, it reported earnings of $39M, or 31