Petsmart 2002 Annual Report Download - page 50

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INDEPENDENT AUDITORS' REPORT
Board of Directors and Stockholders
PETsMART, Inc.
Phoenix, Arizona
We have audited the accompanying consolidated balance sheets of PETsMART, Inc. and subsidiaries
(the ""Company'') as of February 2, 2003 and February 3, 2002 and the related consolidated statements of
operations, stockholders' equity, and cash Öows for each of the three Ñscal years in the period ended
February 2, 2003. These Ñnancial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these Ñnancial statements 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 consolidated Ñnancial statements. The Ñnancial statements of PETsMART.com, Inc. were
audited by other auditors whose report has been provided 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 February 2, 2003 and February 3, 2002 and the results of their operations and their cash
Öows for each of the three Ñscal years in the period ended February 2, 2003, in conformity with accounting
principles generally accepted in the United States of America.
As discussed in Note 1 to the consolidated Ñnancial statements, in 2002 the Company changed its
method of accounting for goodwill and intangible assets to conform to Statement of Financial Accounting
Standards No. 142.
D
ELOITTE
& T
OUCHE
LLP
Phoenix, Arizona
March 4, 2003
F-2