Business
PetMed Express, Inc. d/b/a 1-800-PetMeds Announces Its Fourth Quarter and Fiscal Year End Financial Results and Increases Its Quarterly Dividend to $0.30 per Share
8.8% Increase in Fiscal 2021 Sales18.4% Increase in Fiscal 2021 Net Income9.7% Increase in Fiscal 2021 Reorder Sales DELRAY BEACH, Fla., May 03, 2021 (GLOBE
About this update from Petmed Express, Inc.
[{"type":"text","content":"8.8% Increase in Fiscal 2021 Sales18.4% Increase in Fiscal 2021 Net Income9.7% Increase in Fiscal 2021 Reorder Sales DELRAY BEACH, Fla., May 03, 2021 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (NASDAQ: PETS) today announced its financial results for its fourth quarter and fiscal year ended March 31, 2021. Net sales for the year ended March 31, 2021 were $309.2 million, compared to $284.1 million for the year ended March 31, 2020, an increase of 8.8%. Net income for the year ended March 31, 2021 was $30.6 million, or $1.52 diluted per share, compared to net income of $25.9 million, or $1.29 diluted per share, for the prior year, an increase to net income of 18.4%. Reorder sales for the year ended March 31, 2021 were $272.6 million, compared to $248.6 million for the year ended March 31, 2020, an increase of 9.7%. New order sales for the year ended March 31, 2021 were $36.6 million, compared to $35.6 million for the year ended March 31, 2020, an increase of 2.8%. The Company acquired approximately 443,000 new customers in the year ended March 31, 2021, compared to 421,000 new customers in the prior year. The average order size for the year ended March 31, 2021 was $89, compared to $87 for the year ended March 31, 2020. Net sales for the quarter ended March 31, 2021 were $71.7 million, compared to $74.3 million for the quarter ended March 31, 2020, a decrease of 3.5%. Net income for the quarter ended March 31, 2021 was $6.8 million, or $0.34 diluted per share, compared to net income of $7.0 million, or $0.35 diluted per share, for the same quarter the prior year, a decrease to net income of 2.7%. The average order size for the quarter ended March 31, 2021 was $93, compared to $90 for the quarter ended March 31, 2020. Menderes Akdag, President and CEO, commented: “Overall we were pleased with our fiscal 2021 results with increases to both our top and bottom line. The year started out with greater than expected ecommerce demand due to COVID-19, with consumers shifting their purchases to online, which positively impacted our sales for the year, then in the back half of fiscal 2021, veterinarian clinics and retail stores re-opened. Our bottom line was positively impacted by growth in our gross margins by 50 basis points, due to having direct relationships with the major manufacturers, and with our operating expenses decreasing by 76 basi...