PetMed barks out higher Q1 web sales
PetMed Express Inc. grew its web sales by 29% in the first quarter while total revenue grew by 16.4%.
For the first quarter of the 2008 fiscal year, web sales rose to $37.8 million from $29.3 million in the prior year. At the same time, PetMed Express, No. 113 in the Internet Retailer Top 500 Guide, reported net income of $6.2 million on revenue of $59 million vs. net income of $4.8 million on sales of $50.7 million in Q1 of fiscal 2007.
In Q1 the web represented 64% of sales vs. 59% in Q1 of FY 2007. Reorder sales increased by 18% from $33.9 million to $40 million for the quarters ended June 30, 2006 and 2007, respectively, the company says.
“Our new order sales increased by 15% to $19 million,” says CEO Menderes Akdag. “We were also more efficient with our advertising spending this quarter, with a new customer acquisition cost of $36, compared to $40 for the same quarter in the prior year.”
During the first quarter PetMed acquired 236,000 new customers, compared to 207,000 one year ago.
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