PetSmart, Inc. (NASDAQ:PETM) reported earnings of $0.54 per share, up 32% compared to $0.41 per share in the second quarter of 2010. Net income totaled $61 million in the second quarter of 2011, compared to $48 million in the second quarter of 2010. Total sales for the second quarter of 2011 increased 7.0% to $1.5 billion. The increase in net sales was partially impacted by $6 million in favorable foreign currency fluctuations. Comparable store sales, or sales in stores open at least a year, grew 5.0%, benefiting from comparable transactions growth of 2.0%. Services sales, which are included in total sales, grew 7.6% to $178 million. During the second quarter, the company generated $109 million in operating cash flow, spent $20 million in capital expenditures, distributed $14 million in dividends, and repurchased $63 million of PetSmart stock. The Company ended the quarter with $321 million in cash, cash equivalents and restricted cash and zero borrowings on its credit facility.

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