Petsmart 2010 Annual Report Download - page 4
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Please find page 4 of the 2010 Petsmart annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Althoughthemacro-economicenvironmentstillholdssomeuncertainty,weremaincondentinour
businessmodelandourabilitytoexecuteonourstrategicpriorities.Wefeelthattheworkwebegan
backin2008toright-size ourcoststructure,betteralignourbusiness units,leverageour customer
insightsandbecomea bettermerchandiserisbeingvalidatedthroughtheresultsofoursolidnancial
performancethisyearaswecontinueonourjourneyofbecomingabestinclassspecialtyretailer.And
thatisajourneythatwillcontinueinto2011andbeyond.
The focus on innovation and differentiation has given us even more compelling stories about our
productsandcreatedexcitementinourstoresforbothourcustomersandourassociates.Theseefforts
provideuswithasignicantcompetitiveadvantageandarethefoundationforfuturecustomerand
transaction growth opportunities. Although we are in an attractive competitive position, we remain
humble,knowingthatcontinuedsuccesswillrequirehardwork,solidexecutionandconsistencyofour
brandinallthatwedo.
Weremaincommittedtodeliveringsuperiorshareholderreturnsin2011andbeyondthroughdriving
theproductivityofourexistingassets,expensediscipline,andreturningexcesscashtoourshareholders
throughdividendsandsharerepurchases.Wearecondent thatwecan continuetodeliveronour
commitments as we continue to evolve and rene our merchandising capabilities, while staying
connectedandengagedwithourpetparents.
Thestrengthofourbrandanddifferentiation,alongwiththepassionandsupportofourassociates,sets
usapartastheleaderforproducts,servicesandsolutionsforthelifetimeneedsofpets.Bygivingour
petparentsmorereasonstoshop,wearedoingtherightthingstocontinuetodrivefuturesustainable
growthandlong-termshareholdervalue.
Sincerely,
PhilipL.Francis
ExecutiveChairman
RobertF.Moran
PresidentandChiefExecutiveOfcer
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