UPDATE: PetSmart Q2 Profit Surges 31%

PetSmart PETM reported a 31% rise in its second-quarter profit. PetSmart's quarterly profit surged to $79 million, or $0.72 per share, versus $61 million, or $0.54 per share, in the year-earlier period. Its sales rose 9% to $1.62 billion from $1.48 billion. However, analysts were expecting a profit of $0.65 per share on sales of $1.6 billion. PetSmart's comparable store sales surged 7% y/y. PetSmart shares gained 6.18% to $71.61 in after-hours trading.