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Jun 30, 2021
PetMed Express Q1 2022 Earnings Report
PetMed Express's Q1 2022 financial results were reviewed, revealing a decrease in sales compared to the prior year due to a unique situation with increased e-commerce demand and a competitive advertising market.
Key Takeaways
PetMed Express reported a decrease in sales by 17.6% to $79.3 million compared to the same quarter last year, with net income decreasing by 43% to $4.4 million, or $0.22 diluted per share. The decrease in sales was attributed to decreased new order and reorder sales. The company acquired approximately 92,000 new customers in the first fiscal quarter.
Sales decreased by 17.6% to $79.3 million compared to the same period last year, but were relatively flat versus the quarter ended June 30th, 2019, prior to the pandemic.
Reorder sales decreased by 11.8% to $70.9 million, while new order sales decreased 47% to $8.4 million.
Net income decreased by 43% to $4.4 million, or $0.22 diluted per share.
The company had $111.8 million in cash and cash equivalents and no debt as of June 30th, 2021.
PetMed Express
PetMed Express
Forward Guidance
The company anticipates that advertising prices should revert back to more normal levels as the pandemic further subsides, which would increase the efficiency and effectiveness of our media spending, and thereby continue to help us gain new customers. The company expects many more of our reorder sales to eventually transition to AutoShip & Save by the end of our fiscal year.
Positive Outlook
- Advertising prices should revert back to more normal levels as the pandemic further subsides, which would increase the efficiency and effectiveness of our media spending, and thereby continue to help us gain new customers.
- The company expects many more of our reorder sales to eventually transition to AutoShip & Save by the end of our fiscal year.
- There may be an opportunity to improve gross margins in the second half of fiscal year 2022, if the shift to prescription medications continue.
- The company will also continue investing in our e-commerce platform to better service our customers, by adding additional features to our Web site to further drive sales.