The fact that more pet owners like to order online pushed annual web sales higher at PetMed Express Inc.
The company, which owns and operates 1800PetMeds.com and is No. 109 in the Internet Retailer Top 500 Guide, posted e-commerce sales of $122.5 million in fiscal 2008, an increase of 21% from web sales of $100.9 million in fiscal 2007.
Overall, PetMed Express recorded net income of $20 million on revenue of $188.3 million in fiscal 2008 vs. net income of $14.4 million on sales of $162.2 million in the prior year. The direct marketer of pet medicines and related products acquired 710,000 new customers in FY 2008, up from 681,000 in FY 2007. “Our record profitability for the year is attributed to our strong reorder growth,” says CEO Menderes Akdag. “Our focus in fiscal 2009 will be on capturing additional market share.”
The web continues to drive sales at PetMed Express. In fiscal 2008, e-commerce generated 65% of sales and accounted for 83% of growth. PetMed Express also relies on new customer acquisition from web-related marketing to drive sales. In 2007, about 75% of traffic that visited 100PetMeds.com came from new visitors, says Internet measurement company Hitwise Inc.
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