PetMed Express Inc.’s online sales were $66.95 million for the company’s first fiscal quarter ended June 30, up 12.6% from $59.45 million last year.
Online sales grew to 84% of total sales during the quarter, up from 82% a year earlier. In addition, average order volume grew to $87 for the quarter, up from $82 for last year’s first quarter.
Net income was $9.3 million compared to $6.6 million for the same quarter last year, an increase of 41%. “The accelerated increase in net income was mainly due to higher gross profit margins,” Menderes Akdag, president and CEO, told analysts during an earnings conference call on July 24, according to a Seeking Alpha transcript.
During the call, Akdag attributed the higher earnings and average order volume to customers shifting to higher-priced, higher-margin pet medications.
PetMed Express, is No. 178 in the 2017 Internet Retailer Top 500.
For the quarter ended June 30, PetMed Express also reported:
- Net sales of $79.7 million, up 9.9% from $72.5 million during the same time last year.
- New order sales increased 14.3%, to $15.2 million for the quarter, compared to $13.3 million for the same quarter in the prior year.
- Net income of $9.276 million, up 40.7% from $6.594 million last year.