PetMed Express, Inc. d/b/a 1-800-PetMeds Announces Its First Quarter Financial Results and a Quarterly Dividend of $0.30 Per Share

About this update from Petmed Express, Inc.

[{"type":"text","content":"DELRAY BEACH, Fla., July 26, 2021 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (NASDAQ: PETS) today announced its financial results for its first quarter ended June 30, 2021. Net sales for the quarter ended June 30, 2021 were $79.3 million, compared to $96.2 million for the quarter ended June 30, 2020, but relatively flat versus the quarter ended June 30, 2019, prior to the pandemic. Net income for the quarter ended June 30, 2021 was $4.4 million, or $0.22 diluted per share, compared to net income of $7.8 million, or $0.39 diluted per share, for the same quarter the prior year, and $5.3 million or $0.26 for the quarter ended June 30, 2019. During the quarter ended June 30, 2021 there were one-time charges of $717,000 related to the CEO’s separation agreement. The Company also incurred an additional cost of $260,000 related to brand and marketing consulting fees. Mendo Akdag, the Company’s CEO, commented: “In our first quarter of FY 2022, we faced a unique situation. We were coming off a very strong quarter the previous year that was primarily driven by increased online buying as a result of the pandemic causing many stores to close and many vets to be unavailable. As a result, in the first quarter of FY 2021 consumers increasingly relied on ecommerce. However, during the most recent quarter while the pandemic was abating and stores were re-opening, the advertising market was rapidly recovering with demand driving up ad prices dramatically. As a result, our advertising spending delivered fewer ad impressions than in prior years. Because of this, we believe our advertising spending was less effective in the most recent quarter in its ability to attract new customers. Ad prices may revert back to more normal levels as the pandemic further subsides which may increase the efficiency and effectiveness of our media spending and thereby continue to help us gain new customers.” Mr. Akdag added, \"In addition, during the most recent quarter there was a dramatic increase in veterinary visits by consumers who were unable to visit their veterinarians during the pandemic. We believe the increase in veterinary visits was primarily due to pet owners needing to visit their veterinarians for their pets’ annual exam and to renew their prescriptions. Since some pet owners purchase medications directly from their vets during their veterinary visit, the ...

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