Standard&Poor's said today that PetsMart Inc.'s (B+/Stable/--) higher than expected first quarter 2002 earnings have no impact on the company's credit rating or outlook. Successful store reformatting, an increased focus on pet service, and improved operating efficiencies contributed to the improvement in operating performance, with same-store sales increasing 12% during the first quarter of 2002. Although PetsMart's operating performance has improved over the past few quarters, Standard&Poor's will look for a more sustained operating improvement before considering a change in PetsMart's credit profile.
