Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
77% of Q3 orders came through the Internet, says CEO Menderes Akdag.
Third quarter web sales purred for PetMed Express Inc.
PetMed Express, No. 107 in the Internet Retailer Top 500 Guide, sells online at1800PetMeds.com. For the third quarter ended Dec. 31, 2011, the company reported:
- Online sales increased about 19.4% to $38.7 million from $32.4 million in the same quarter of 2010.
- Total sales were $50.5 million, up by 12.0% from $45.1 million.
- New order sales increased by about 29.5%, from $7.8 million to $10.1 million.
- Net income was $3.9 million compared with net income of $4.5 million in the prior year quarter.
“We are pleased to report that we acquired 150,000 new customers in the quarter ended December 31, compared to 111,000 new customers acquired for the same period in the prior year, a 35% increase,” says Menderes Akdag, president and CEO. “Going forward, we will continue to advertise aggressively while expanding our product offerings, which include generic pet medications.”
Approximately 77% of PetMed Express orders were generated from the company’s web site during the quarter, compared with 72% in the same quarter in 2010, Akdag says. The retailer also sells via catalog and call center.
For the first nine months:
- Based on Internet Retailer estimates, and PetMed’s first and third quarter reports, web sales were $151.0 million, up by 3.5% from $145.9 million in the prior year period.
- Total sales were $182.3 million, an increase of about 0.9% from $180.7 million.
- New order sales were $39.8 million, up by about 5% from $37.9 million.
- Net income was $12.7 million, a 24.0% decline from net income of $16.7 million through the first three quarters last year.
PetMed Express sells prescription and non-prescription pet medications, health products and supplies for dogs, cats and horses.