PetMed Express reports an 8% Q2 web sales increase

PetMed Express Inc., a direct marketer of pet medications and supplies and operator of 1800PetMeds.com, reported a healthy gain in e-commerce revenue for the second quarter of the 2010 fiscal year.

For the second quarter ended Sept. 30, 2009:

• Web sales increased 8% to $41.8 million from $38.7 million.
• Total sales were $62.4 million, up about 5% from $59.6 million in the prior-year quarter.
• The web represented 67% of total sales vs. 65% in the same quarter last year.
• Net income was $6.3 million, up by 8.6% compared with net income of $5.8 million in Q2 of 2009.
• Reorder sales increased by about 11%, to $45.8 million from $41.4 million.
• The company acquired about 233,000 new customers, a 2.5% decline from 239,000 new customers year over year.

For the first two quarters of fiscal 2010:

• Online sales were $93.6 million, up by 13.2% from $82.7 million the prior year.
• Net sales were $139.6 million, a 9% increase compared with $127.9 million for the first half of fiscal 2009.
• The web accounted for 67% of total sales, versus 65% in the prior year period.
• Reorder sales were $99.8 million, a 14% increase from $87.5 million year over year.
• Net income was $14.3 million, up by 15.3% compared with net income of $12.4 million in the same period of fiscal 2009.