Madison Reed has raised $32.1 million since launching 15 months ago.
Launched as a phone-order retailer of medicines and other pet supplies, PetMed Express is finding that what’s best for its own health is the web. It now processes nearly two-thirds of its sales through the Internet.
As it promotes products designed to keep pets healthy, PetMed Express Inc. is finding that what’s best for its own health is the web.
The direct-to-consumer retailer of medicines and other products, launched as a phone-order merchant in 1996, now processes nearly two-thirds of its sales through the Internet, where it operates at 1800PetMeds.com, the company says. For the fiscal year ended March 31, e-commerce sales rose 21% year-over-year to $122.5 million from $100.9 million, as web sales as a percentage of total revenue rose to 65%, up from 63% and 57% respectively, in the prior two years.
And while overall sales have grown, so have net profits, CEO Meneres Akdag says. PetMed Express recorded net income of $20 million on total revenue of $188.3 million for its most recent fiscal year, up from net income of $14.4 million on total revenue of $162.2 million in the prior year.
The web also supports customer loyalty, Akdag adds. “Our record profitability for the year is attributed to our strong re-order growth,” he says.