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Sep 30, 2021
PetMed Express Q2 2022 Earnings Report
PetMed Express's financial results for Q2 2021 were reviewed, revealing a decrease in sales compared to the prior year due to a more competitive market and increased advertising costs, but reorder sales showed positive trends compared to pre-pandemic levels.
Key Takeaways
PetMed Express reported sales of $67.4 million for the second fiscal quarter ended September 30, 2021, a 10.7% decrease compared to the same period last year. Net income was $6.3 million, or $0.31 diluted per share, compared to $8.4 million, or $0.42 diluted per share for the same quarter last year. The company had $106.6 million in cash and cash equivalents with no debt.
Sales decreased by 10.7% to $67.4 million compared to the same quarter last year, but only down 3.6% versus the quarter ended September 30, 2019.
Reorder sales decreased by 8.5% to $62.0 million compared to the same quarter last year, but were up slightly compared to 2019.
Average order value increased to approximately $92 compared to $87 for the same quarter last year.
Net income decreased by 25% to $6.3 million, or $0.31 diluted per share, compared to $8.4 million, or $0.42 diluted per share for the same quarter last year.