Business
PetMed Express d/b/a 1-800-PetMeds Announces Its Third Fiscal Quarter Financial Results and Its Quarterly Dividend of $0.28 Per Share
Quarterly Sales Increased 10% Diluted EPS increased from $0.34 to $0.38 per share Quarterly Average Order Size increased to $88 DELRAY BEACH, Fla., Jan. 19,
About this update from Petmed Express, Inc.
[{"type":"text","content":"Quarterly Sales Increased 10% Diluted EPS increased from $0.34 to $0.38 per share Quarterly Average Order Size increased to $88 DELRAY BEACH, Fla., Jan. 19, 2021 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (NASDAQ: PETS) today announced its financial results for the quarter ended December 31, 2020. Net sales for the quarter ended December 31, 2020 were $65.9 million, compared to $59.9 million for the quarter ended December 31, 2019, an increase of 10.0%. Net sales for the nine months ended December 31, 2020 were $237.5 million, compared to $209.8 million for the nine months ended December 31, 2019, an increase of 13.2%. Net income was $7.6 million, or $0.38 diluted per share, for the quarter ended December 31, 2020, compared to net income of $6.8 million, or $0.34 diluted per share, for the quarter ended December 31, 2019, an 11.3% increase to net income. Net income was $23.8 million, or $1.18 diluted per share, for the nine months ended December 31, 2020, compared to net income of $18.8 million, or $0.94 diluted per share, for the nine months ended December 31, 2019, a 26.0% increase to net income. Reorder sales increased 11.9%, to $60.2 million for the quarter ended December 31, 2020, compared to $53.8 million for the same quarter in the prior year. Reorder sales increased 13.6%, to $208.4 million for the nine months ended December 31, 2020, compared to $183.4 million for the same period in the prior year. Menderes Akdag, CEO and President, commented: “We were pleased with the Company’s performance during the quarter and throughout 2020, where we have seen both double digit top and bottom line growth. Strong reorder sales and increasing gross and operating margins during the quarter contributed to our success. Our reorder growth for the three and nine months ended on December 31, 2020 was likely energized by the increased use of loyalty credits by our customers through our Loyalty Program, which was launched in September 2019, and by our Easy Refill Program. Our average order size increased from $85 to $88 for the quarters ended December 31, 2019 and 2020, respectively. In the beginning of 2021 we unveiled a new logo to commemorate the Company’s 25th anniversary. The inspiration for this new logo and brand identity came mostly from consumer feedback. We embraced the opportunity to refresh our logo and brand to best represent both...