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PetMed Express Announces Second Quarter Financial Results and Quarterly Operations

Strategic Insights

— 2 min read

PetMed Express, Inc. (NASDAQ: PETS) today announced its financial results for the quarter ended September 30, 2021. Despite a decrease in net sales, the company reported a 24.5% decrease in net income for the quarter compared to the same period last year. The company's average order size increased from $87 to $92 for the quarters ended September 30, 2020, and 2021, respectively. PetMed Express also announced the launch of its "AutoShip and Save" program, which allows the company to build a greater lifetime value and recurring relationships with its customers.

Key Takeaways:

  • Net sales for the quarter ended September 30, 2021 decreased by 10.7% to $67.4 million compared to $75.4 million for the same period last year.
  • Net income for the quarter ended September 30, 2021 decreased by 24.5% to $6.3 million, or $0.31 diluted per share, compared to $8.4 million, or $0.42 diluted per share, for the quarter ended September 30, 2020.
  • The company's average order size increased from $87 to $92 for the quarters ended September 30, 2020, and 2021, respectively.
  • PetMed Express launched its "AutoShip and Save" program, allowing the company to build a greater lifetime value and recurring relationships with its customers.
  • The company's Board of Directors declared a quarterly dividend of $0.30 per share on the Company's common stock.
  • The company will host a conference call to review the quarter's financial results on October 25, 2021, at 4:30 P.M. Eastern Time.

Statistics:

  • Net sales for the quarter ended September 30, 2021: $67.4 million (-10.7% from $75.4 million in 2020)
  • Net income for the quarter ended September 30, 2021: $6.3 million (-24.5% from $8.4 million in 2020)
  • Average order size for the quarter ended September 30, 2021: $92 (+5.7% from $87 in 2020)
  • Dividend declared per share: $0.30 (payable on November 19, 2021, to shareholders of record on November 8, 2021)

Sources:

  • PetMed Express, Inc. (2021, October 25). PetMed Express Announces Its Second Quarter Financial Results and Its Quarters [Press release]. Retrieved from https://www.1800petmeds.com/investor.html
  • PetMed Express, Inc. (2021, October 25). PETMED EXPRESS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for per share data). Retrieved from https://www.sec.gov/Archives/edgar/data/6606890/0001040130-21-000139.txt
  • PetMed Express, Inc. (2021, October 25). PETMED EXPRESS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited). Retrieved from https://www.sec.gov/Archives/edgar/data/6606890/0001040130-21-000139.txt

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