Sorry Fido, It Could be Another Lean Christmas
Petsmart’s (PETM) outlook weighed on the sector on Thursday, but some pet stocks remain up by 20% or more in the last month.
Petsmart shares are dropping by -11% today after yesterday evening’s second-quarter earnings report. The company recorded a profit of $39 million in Q2 or 31 cents a share – two cents ahead of expectations. However, the company guided down on sales for the remainder of 2009 during a conference call, scaring investors away from the stock. Among the unimpressed is Credit Suisse analyst Gary Balter, who downgraded the stock to Neutral from Outperform today, citing a weak outlook for Christmas sales of hard goods like collars, leashes, and toys.
As a whole, the Pet and Veterinary Stocks Index is down by -2% today. The Index is up by 5.8% in the last month on a net asset value basis. However, the average performance of individual components is a far more impressive 10% monthly rally.
Animal Health International (AHII) is the sector’s top performer over the last month, up by 30%. The Westlake, Texas-based company sells more than 40,000 products to over 65,000 customers, who range from veterinarians to animal health product retailers.
Minnasota-based Patterson Companies (PDCO) and Idaho’s MWI Veterinary Supply (MWIV) are both up by 20% over the last month. Patterson is jumping by 7% today after the company announced fiscal first-quarter earnings of $45 million or 38 cents per share. The profits were down slightly from the same period last year, but sales rose 6% to $789.6 million during the period. Patterson reaffirmed its fiscal 2010 guidance of EPS between $1.70 and $1.80.
As of this writing, the Pet and Veterinary Stocks Index is one of the 75 cheapest tickerspy Indexes by P/E ratio.
Investors can follow the Pet and Veterinary Stocks Index and view related performance charts and metrics at tickerspy.com.
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