PETsMART.com lost $2.7 million in the 4th quarter
PETsMART Inc. reported a fourth quarter net loss of $27.2 million, which includes a $4.9 million non-cash equity loss resulting from PETsMART.com losses realized through the acquisition date of December 20, 2000. Those results compare with a net loss of $4.8 million for the same period last year. The company`s operating net loss was $7.1 million, excluding the equity loss from PETsMART.com. That compares with fourth quarter 1999 net operating income of $18.7 million. Net sales for the fourth quarter were $610.3 million, compared to $570 million for the same period last year.
The company`s acquisition of 81% interest in PETsMART.com closed on December 20, 2000, and, as of that date, the company reports the e-commerce and catalog subsidiary`s results on a consolidated basis. Included in the company`s fourth quarter consolidated results is a PETsMART.com loss of $2.7 million, including transaction and one-time charges, from December 20, 2000 to January 28, 2001. The operating portion of that post-holiday loss was $1.9 million.
For the full year, the company reported sales of $2.2 billion, up 5.4% from $2.1 billion and a net loss of $30.9 million, compared to a net loss of $32.4 million in 1999. Excluding the equity loss from PETsMART.com, net income from operations for 2000 was $3.9 million, versus a net operating loss of $3.4 million in 1999.
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