In its second-largest acquisition, Amazon buys the company for $970 million.
PetMed Express reported web sales for fiscal 2009 grew 13.6% from fiscal 2008. The percentage of sales from the Internet continues to rise, reaching 68% for the year.
Pet medicine and supplies retailer PetMed Express Inc. continues to see sales shift away from the catalog and to its web site, 1800PetMeds.com.
For the year ended March 31, PetMeds reported:
- Internet sales were $162.8 million, a 13.6% increase from $143.3 million in the prior fiscal year.
- Total sales were $238.3 million, up by 8.6% from $219.4 million.
- The web accounted for 68% of all orders for the year, compared with 65% in fiscal 2009.
- Reorder sales were $177.8 million, a 13.3% increase from $156.9 million.
- Net income was up 13.0% to $26.0 million, compared with net income of $23.0 million in the previous year.
- The company acquired about 815,000 new customers in fiscal 2010 up by 1.6% compared with 802,000 in fiscal 2009.
“We are pleased with our financial performance for the year, which was highlighted by the growth of our Internet sales and net income,” says Mendo Akdag, CEO and president of PetMed Express, No. 101 in the Internet Retailer Top 500 Guide. “The results can be attributed to our reorder growth and our success in leveraging our operating expenses. Our focus in fiscal 2011 is conversion optimization and the expansion of our product offerings into pet supplies.”
For the fourth quarter ended March 31, 2010, PetMed Express reported:
- Total sales were $50.3 million, a 4.6% increase from $48.1 million in the prior year quarter. The company did not break out Q4 web sales.
- Net income was $6.1 million, compared with net income of $5.6 million.
- Reorder sales were $40.4 million, up by 8.6% from $37.2 million in Q4 of 2009.