PetMed’s financials stay on course in the second quarter

Investors and Wall Street analysts are sitting up and taking notice of PetMed Express Inc.’s financial performance in the second quarter of fiscal 2009.

In a tough economy, the retailer’s web sales grew by 15.7% to $39 million in Q2 of fiscal 2009 from $33.7 million in the prior year. The retailer, No. 109 in the , also posted net income of $5.8 million on sales of $59.6 million vs. net income of $4.5 million on sales of $51.5 million in the previous year. “We are pleased to report that we had a highly profitable quarter by reducing operating expenses,” says PetMed CEO Menderes Akdag.

Overall the web accounted for 65% of total sales in the second quarter.

For the first two quarters, web sales reached $82.8 million, an increase of 15.6% from web sales of $71.6 million from the same period in fiscal 2008. Overall PetMed in the first two quarters recorded net income of $12.4 million on sales of $127.9 million, compared with net income of $10.7 million on sales of $110.6 million in the prior year. “Our reorder sales increased by 18%, from $35 million to $41.4 million for the quarters ended Sept. 30, 2007, and 2008, respectively,” Akdag says. “Our continuing focus will be on capturing additional market share and improving reorders and our customer service levels in fiscal 2009.”
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