PetMed Express, Inc. (NASDAQ:PETS) reported its results for the first quarter. PetMed Express is a nationwide pet pharmacy. The Company markets prescription and non-prescription pet medications and other health products for dogs, cats, and horses direct to the consumer.
PetMed Express Earnings Cheat Sheet for the First Quarter
Results: Net income for PetMed Express, Inc. fell to $4.8 million (22 cents per share) vs. $7.2 million (32 cents per share) a year earlier. This is a decline of 33.6% from the year earlier quarter.
Revenue: Rose 1% to $73.6 million.
Wall St. Expectations: Fell short of the mean estimate of 24 cents per share. The revenue estimate was for $74.1 million.
Quoting Management: Menderes Akdag, CEO and President, commented: “Although our sales were slightly down due to our more aggressive flea & tick product pricing, we had a slight increase in orders, which was a positive. Additionally, our online sales increased by 3.4% to $54.1 million for the quarter, compared to $52.3 million for the quarter the prior year, with approximately 73% of our orders being generated from our website during the quarter compared to 70% for the quarter the prior year. During the quarter we bought back approximately 1.1 million shares of our common stock for $13.6 million, an average price of $12.67 per share.”
Competitors to Watch: Rite Aid Corporation (NYSE:RAD), Walgreen Company (NYSE:WAG), drugstore.com, inc. (NASDAQ:DSCM), China Nepstar Chain Drugstore Ltd. (NYSE:NPD), Graymark Healthcare Inc (NASDAQ:GRMH), CVS Caremark Corporation (NYSE:CVS), Wal-Mart (NYSE:WMT) and Target (NYSE:TGT).
(Source: Xignite Financials)