Petsmart 2001 Annual Report Download - page 31

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INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Stockholders of
PETsMART, Inc.
We have audited the accompanying consolidated balance sheets of PETsMART, Inc. and subsidiaries
(the ""Company'') as of January 28, 2001 and January 30, 2000, and the related consolidated statements of
operations, stockholders' equity, and cash Öows for the years then ended. Our audits also included the Ñnancial
statement schedule listed in the Index at Item 14(a)(2). These Ñnancial statements and the Ñnancial
statement schedule are the responsibility of the Company's management. Our responsibility is to express an
opinion on these Ñnancial statements and the Ñnancial statement schedule based on our audits. We did not
audit the Ñnancial statements of PETsMART.com, Inc. for the period from January 3, 2000 to December 19,
2000, the Company's investment in which was accounted for by use of the equity method. The Company's
equity in PETsMART.com, Inc.'s net losses of $33,109,000 for the year ended January 28, 2001 is included in
the accompanying Ñnancial statements. The Ñnancial statements of PETsMART.com, Inc. were audited by
other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts
included for such company, is based solely on the report of such other auditors. As described in Note 2 to the
consolidated Ñnancial statements, on December 20, 2000, the Company acquired a controlling interest in
PETsMART.com, Inc. and the Company has consolidated PETsMART.com, Inc. since that date.
We conducted our audits in accordance with auditing standards generally accepted in the United States
of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the Ñnancial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the Ñnancial statements. An audit also includes
assessing the accounting principles used and signiÑcant estimates made by management, as well as evaluating
the overall Ñnancial statement presentation. We believe that our audits and the report of the other auditors
provide a reasonable basis for our opinion.
In our opinion, based on our audits and the report of the other auditors, such consolidated Ñnancial
statements referred to above present fairly, in all material respects, the Ñnancial position of PETsMART, Inc.
and subsidiaries as of January 28, 2001 and January 30, 2000, and the results of their operations and their cash
Öows for the years then ended in conformity with accounting principles generally accepted in the United
States of America. Also, in our opinion, such Ñnancial statement schedule, when considered in relation to the
basic consolidated Ñnancial statements taken as a whole, presents fairly in all material respects the information
set forth therein.
Deloitte & Touche LLP
Phoenix, Arizona
March 19, 2001 (Except for Note 17, as to which the date is April 30, 2001)
F-2