Q3 web sales grow nicely for PetMed Express

It was another quarter of solid growth online for PetMed Express Inc.

For the third quarter of fiscal 2010 ended Dec. 31, PetMedExpress, No. 109 in the Internet Retailer Top 500 Guide (a PDF version of the company’s financial and operating profile can be ordered by clicking on its name) reported:

• Web sales increased year over year 17.5% to $33.6 million from $28.6 million.
• Total sales increased 11.5% to $48.4 million from $43.4 million.
• The web represented 69.4% of total sales from 65.9% in the same quarter last fiscal year.
• Net income was $5.6 million, up by 14.3% compared with net income of $4.9 million in Q3 of fiscal 2009.
• Reorder sales increased by about 16.8%, to $37.6 million from $32.2 million.
• The company acquired about 151,000 new customers in the third quarter of fiscal 2009.

“During the quarter, the company leveraged its operating expenses as a percent of sales, by 170 basis points as compared to the same quarter in the prior year and we are also pleased to report that our cash flows from operations increased to $28.9 million for the nine months ended Dec. 31, 2009,” says CEO Menderes Akdag. “Going forward, our continuing focus will be on capturing additional market share, increasing reorders with personalized communication and health education content, and improving our customer service levels in fiscal 2010.”

For the first three quarters of fiscal 2010:

• Web sales increased year over year 14.3% to $127.2 million from $111.3. million.
• Total sales increased 9.7% to $188.0 million from $171.3 million.
• The web represented 67.7% of total sales from 65.0% in the same quarters last fiscal year.
• Net income was $19.9 million, up by 15.0% compared with net income of $17.3 million in the first three quarters of fiscal 2009.

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