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Most people who are not too familiar with PetSmart (PETM) think of the company as simply a retailer of pet supplies and accessories. Those who know the company more intimately (from visiting its stores or investing in it) know that PetSmart provides a full range of products and services for pets.

After trading in a range of $69-$77 from July - December of 2013, shares have fallen more than 12% to start the new year, compared with a 3.5% drop for the Market Vectors Retail ETF (RTH) and a less than 1% drop for the S&P 500.

While it's unclear what the reason for the recent underperformance is, there are two factors that...

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