PetMed Express 3Q revenue misses Street's view

PetMed Express 3Q profit nearly flat, revenue misses Wall Street's expectations

Associated Press

POMPANO BEACH, Fla. (AP) -- PetMed Express Inc. said Tuesday that its third-quarter net income was nearly flat as operating expenses declined. Revenue improved on higher reorder and online sales but missed analysts' estimates.

The company's shares fell 5 percent in afternoon trading.

PetMed, which does business as 1-800-PetMeds, earned $4.5 million, or 23 cents per share, for the three months ended Dec. 31. That compares with $4.6 million, or 23 cents per share, a year earlier.

That met the expectations of analysts polled by FactSet.

Total operating expenses dipped to $9.8 million from $10 million.

Revenue for the Pompano Beach, Fla. company rose 1 percent to $50.1 million from $49.6 million, but fell short of the $51.7 million Wall Street forecast.

The average order size increased to $72 from $71 in the prior-year period. Reorder sales climbed 3.6 percent to $42.4 million, while online sales increased 2.1 percent to $39.5 million.

Shares of PetMed were off 77 cents to $14.50.

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