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Net income for the pet medication retailer increased 4.7% on the year
Both web sales and net income increased about 5% in fiscal 2014 for PetMed Express Inc., a pet pharmacy that sells on its web site, 1800PetMeds.com.
For the fiscal year ended March 31, the company reported:
- Total sales of $233.4 million, a 2.5% increase from $227.8 million in fiscal 2013.
- PetMed Express didn’t break out Internet sales in dollars in its fourth quarter earnings release, but did report that the web accounted for 79% of total sales for the year, compared with 77% in the previous year. Based on those percentages, web sales totaled $184.4 million in fiscal 2013, a 5.1% increase from $175.4 million in 2012.
- Net income was $18.0 million, up by 4.7% compared with net income of $17.2 million in the prior year period.
“We were able to increase our gross margins for the quarter and decrease our operational expenses to improve our bottom line results for the fiscal year,” says president and CEO Menderes Akdag. Gross profit increased 24 basis points, mainly due to a cost reduction in certain brands, Akdag says. Operating expenses decreased by 83 basis points, which Akdag attributes to a reduction in advertising costs.
For the fourth quarter:
- Total sales were $48.6 million, a 4.9% drop from $55.1 million in the fourth quarter of 2013. PetMed Express did not break out fourth quarter web sales.
- Net income was $4.5 million, down 2.2% from $4.6 million for the fourth quarter last year.