May 14, 2014, 12:51 PM

PetMed Express web sales grow 5.1% for the year

Net income for the pet medication retailer increased 4.7% on the year

Lead Photo

Both web sales and net income increased about 5% in fiscal 2014 for PetMed Express Inc., a pet pharmacy that sells on its web site, 1800PetMeds.com.

For the fiscal year ended March 31, the company reported:

  • Total sales of $233.4 million, a 2.5% increase from $227.8 million in fiscal 2013.
  • PetMed Express didn’t break out Internet sales in dollars in its fourth quarter earnings release, but did report that the web accounted for 79% of total sales for the year, compared with 77% in the previous year. Based on those percentages, web sales totaled $184.4 million in fiscal 2013, a 5.1% increase from $175.4 million in 2012.
  • Net income was $18.0 million, up by 4.7% compared with net income of $17.2 million in the prior year period.

“We were able to increase our gross margins for the quarter and decrease our operational expenses to improve our bottom line results for the fiscal year,” says president and CEO Menderes Akdag. Gross profit increased 24 basis points, mainly due to a cost reduction in certain brands, Akdag says. Operating expenses decreased by 83 basis points, which Akdag attributes to a reduction in advertising costs.

For the fourth quarter:

  • Total sales were $48.6 million, a 4.9% drop from $55.1 million in the fourth quarter of 2013. PetMed Express did not break out fourth quarter web sales.
  • Net income was $4.5 million, down 2.2% from $4.6 million for the fourth quarter last year.
comments powered by Disqus

Advertisement

Advertisement

Get a Free Subscription to IR

Advertisement

From IR Blogs

FPO

Adrien Henni / E-Commerce

eBay and Russian Post accelerate cross-border deliveriies

EBay and Russian Post have signed a memorandum of cooperation aimed at reducing the time ...

FPO

Ernie Diaz / E-Commerce

Can Tencent win the mobile commerce battle with Alibaba?

The two Chinese Internet giants are increasingly encroaching on each other’s territories. A Beijing-based marketing ...

Advertisement