Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Average order size inches up, aiding the overall sales increase.
PetMed Express Inc., a pet pharmacy that sells online at 1800PetMeds.com, booked stronger sales for the quarter and first six months, led by e-commerce.
For the second quarter of fiscal 2014 ended Sept. 30, PetMed Express, No. 131 in the 2013 Internet Retailer Top 500 Guide, reported:
- Web sales of $47.9 million, a 7.4% increase from $44.6 million in the second quarter of fiscal 2013.
- Total sales for the quarter were $60.5 million, up by 4.1% from $58.1 million.
- The web accounted for 79.2% of all orders for the quarter, compared with 76.8% in the same quarter last year.
- Net income was $4.2 million, up by 5% compared with net income of $4.0 million in the prior year quarter.
“We are pleased with the strong reorder sales for the quarter. Our sales increase for the quarter was also highlighted by an increased average order size—$73 for the quarter ended September 30, 2013, compared to $72 for the same quarter in the prior year,” says Menderes Akdag, CEO and president. “For the remainder of fiscal 2014 we are focusing on improving our gross profit margins and continuing to expand our product offerings.”
PetMed Express did not report web sales for the first six months of fiscal 2014, but based on first and second quarter earnings reports, web sales were $106.3 million, up by 9.1% from $97.4 million in the first six months of fiscal 2013.
For the first six months, PetMed Express reported:
- Total sales were $134.7 million, an increase of 6.0% from $127.1 million.
- Net income was $8.9 million, up by 11.3% compared with net income of $8.0 million in the prior year period.
The web represented 79.0% of total sales for the first half of this year, compared with 76.6% in the same period last year.