January 25, 2011, 1:16 PM

The web and total sales drop in Q3 for PetMed

Web sales declined 1.5% in Q3, but remain up 1.8% for year to date.

Mark Brohan

Research Director

Lead Photo

Web sales and total sales declined in the third quarter for PetMed Express Inc.

For the third quarter of fiscal 2011 ended Dec. 31, PetMed, No. 101 in the Internet Retailer Top 500 Guide, recorded:

  • Web sales decreased 1.5% to about $32.4 million from $32.9 million in the third quarter of fiscal 2010. PetMed didn’t break out an Internet sales figure in its third quarter earnings release. Internet Retailer calculates the web accounted for 72% of total sales in Q3 compared with 68% in the previous year. Web sales as a percent of total sales were disclosed in PetMed’s second quarter earnings report filed in November with the U.S. Securities and Exchange Commission.
  • Total sales decreased year over year 6.8% to $45.1 million from $48.4 million.
  • Net income decreased 19.6% to $4.5 million from $5.6 million.

“It has been another challenging quarter, due to reduced advertising as a result of tighter television advertising inventory, combined with consumers giving greater consideration to price and a softer demand for some of the product categories we offer,” says CEO Menderes Akdag.

For the first three quarters of fiscal 2011:

  • Web sales increased 1.8% to $130.1 million from $127.8 million in the first three quarters of fiscal 2010. PetMed didn’t break out a year-to-date Internet sales figure in its third quarter earnings release. Internet Retailer calculates the web accounted for 72% of total sales for year-to-date fiscal 2011 compared with 68% in the previous year. Web sales as a percent of total sales were disclosed in PetMed’s second quarter earnings report filed in November with the U.S. Securities and Exchange Commission.
  • Total sales decreased year over year 3.9% to $180.7 million from about $188 million.
  • Net income decreased 12.1% to $16.7 million from $19 million.

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