Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
In Q2 of fiscal 2011, the web grew 4%, but total revenue slips 1.9%.
E-commerce grew only slightly for PetMed Express Inc. in the second quarter of fiscal 2011, but the web now accounts for almost three-fourths of all sales.
For the second quarter of fiscal 2011 ended Sept. 11, PetMed, No. 101 in the Internet Retailer Top 500 Guide, reported:
- Web sales increased 4% to $43.9 million from $42.2 million in the second quarter of fiscal 2010
- Total sales decreased year over year 1.9% to $61.2 million from $62.4 million.
- Net income decreased 20.6% to $5 million from $6.3 million.
“It has been another challenging quarter due to our having to pay more to advertise, combined with consumers giving greater consideration to price and reducing their usage of the product categories we offer,” says CEO Menderes Akdag.
Internet Retailer calculates the web accounted for 71.7% of total sales in the second quarter of fiscal 2011, compared with 67.6% in the prior year.
For the first two quarters:
- Internet Retailer calculates web sales increased 2.3% to $96.2 million from $94 million in the first two quarters of fiscal 2010.
- Total sales dropped 2.9% to $135.6 million from $139.6 million in the first two quarters of fiscal 2010.
- Net income decreased 14.7% year over year to $12.2 million from $14.3 million.
Internet Retailer calculates the web accounted for 70.9% of total sales in the first two quarters of fiscal 2011, compared with 67.3% in the prior year.