Dive Brief:
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Pet supplies retailer PetSmart Tuesday reported that Q2 same-store and online sales fell 5%, that it’s cutting costs, and that it is considering a sale.
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Investors, including Jana Partners, have been advocating for a sale for weeks.
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The company said it is also considering other options for a turnaround strategy that would not include a sale.
Dive Insight:
In the past few years, pet supply retailers have faced stiff competition from general retailers like Target, Wal-Mart, and grocery stores that have increased their pet-supply offerings. This is on top of bad press around pet treats and toys sourced from China.