PetMed Express Q3 web sales jump 23%
Shoppers at PetMed Express Inc. clearly rely more on the web than the phone or mail to place orders. For the third quarter of fiscal 2008, PetMed is reporting web sales of $24.4 million, an increase of 23.2% from e-commerce revenue of $19.8 million in the prior year.
In the quarter, the web for PetMed, No. 113 in the Internet Retailer Top 500 Guide, represented 65% of all orders, compared with 63% in the prior year. For the quarter the company reported net income of $4.4 million on sales of $37.3 million vs. net income of $2.7 million on revenue of $31.4 million in Q3 of fiscal 2007.
“We are pleased to report high profitability for the quarter, which can be attributed to strong reorders and our success in leveraging operating expenses,” says CEO Menderes Akdag.
For the first nine months of the current fiscal year, web sales grew by 24% to $96 million from $77.4 million for the first nine months of fiscal 2007. For the same period PetMed reported net income of $15.1 million on sales of $147.9 million vs. net income of $10.8 million on revenue of $125.8 million through the third quarter of fiscal 2007.
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