Mr. Molloy: The company was started in 1987 here in Phoenix by a couple. It sort of grew up as a pet food warehouse concept. The company went public in 1993, then in the late 1990s to the early 2000s, changed the format from more of a pet food warehouse to providing all kinds of things for the pet, such as hard goods - carriers, beds, toys. So it became much more of a one-stop shop for your pet. This is the new concept. The company struggled a little bit in the late 1990s, and reinvented itself in the early 2000s and had a very successful run then. And then in the mid-2000s, about 2005, we changed our brand from PetsMart, because it was a mart, to PetSmart, because we had been adding services quite a bit in the early 2000s to 2005. We added grooming services, training services; we have 750 veterinarian care hospitals in our stores through an association with Banfield, and we started a hoteling or boarding concept as well in the mid-2000s, which we've been growing since then. So it's sort of a one-stop shop. Our thought is we are a total lifetime carer of all pets, so that's who we are.
TWST: I wondered why the "S" is capitalized.
Mr. Molloy: Yes, it's subtle. But we wanted to be, for the pet parent, the smart choice. So that's really what it was about.
Tickers included in this excerpt: PETM
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