The retailer says web sales grew about 30% during the period, while total sales were lower than projected.
Web sales remained at around $167 million, based on an Internet Retailer calculation.
Web sales were flat and total sales declined in fiscal 2011 for PetMed Express Inc.
For the fiscal year ended March 31, PetMed, No. 107 in the Internet Retailer Top 500 Guide, recorded:
- Internet Retailer estimates that web sales were flat year over year at about $166.8 million. PetMed didn’t break out an Internet sales figure in its fourth quarter earnings release. But Internet Retailer calculates the web accounted for about 72% of total sales in fiscal 2011 compared with about 70% in the previous year. That calculation is based on web sales as a percent of total sales disclosed in PetMed’s third quarter earnings report filed in January with the U.S. Securities and Exchange Commission.
- Total sales decreased year over year 2.8% to $231.6 million from $238.3 million.
- Net income decreased 19.6% to $20.9 million from $26.0 million in fiscal 2010.
“It has been a challenging year, which can be attributed to increased customer acquisition costs and decreased new order sales due to increased competition, along with consumers giving greater consideration to price and a softer demand for some of the product categories we offer,” says CEO Menderes Akdag. “To address the decline in sales we implemented a more aggressive pricing strategy combined with increased advertising, while continuing to expand our product offerings into pet supplies.”
For the fourth quarter of fiscal 2011:
- Internet Retailer estimates web sales increased 4.3% to $36.7 million from $35.2 million in the fourth quarter of fiscal 2010. PetMed did not break out an Internet sales figure in its fourth quarter earnings release. Internet Retailer calculates the web accounted for about 72.1% of total sales in Q4 fiscal 2011 compared with 70% in the previous year. That calculation is based on web sales as a percent of total sales disclosed in PetMed’s third quarter earnings report filed in January with the U.S. Securities and Exchange Commission.
- Total sales increased year over year 1.2% to $50.9 million from about $50.3 million.
- Net income decreased 31.7% to $4.1 million from $6.0 million.