The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
Web sales grew just 1% for PetMed Express in the first quarter of fiscal 2011 while total sales decreased 3.6%.
Web sales in the first quarter of fiscal 2011 were flat for PetMed Express Inc.
For the first quarter ended June 30, PetMed, No. 101 in the Internet Retailer Top 500, recorded:
- An increase in web sales of 1% to $52.3 million from $51.8 million in the first quarter of fiscal 2010.
- Total sales decreased 3.6% to $74.4 million from $77.2 million in the first quarter of fiscal 2010.
- Reorder sales grew year over year 6.7% to $57.6 million from $54.0 million.
- Net income decreased 11.1% to $7.2 million from $8.1 million.
“It has been a challenging quarter due to a reduction in our advertising exposure, which is attributed to the lack of availability of television remnant space at affordable prices, combined with consumers giving greater consideration to price and reducing their usage,” says CEO Menderes Akdag.
Based on Internet Retailer calculations, the web accounted for 70.3% of total sales in Q1 of fiscal 2011, compared with 67.1% in the prior year.