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Dec 31, 2022
PetMed Express Q3 2023 Earnings Report
Announced financial results for the third quarter ended December 31, 2022.
Key Takeaways
PetMed Express reported a decrease in net sales by 3.0% compared to the same quarter last year, but saw a 9% increase in new customers, marking the first customer increase in 2.5 years. The company experienced a net loss of $19.0 thousand, compared to a net income of $4.3 million in the prior year quarter. Adjusted EBITDA decreased by 64%.
Net sales decreased by 3.0% to $58.9 million compared to the third quarter of the prior year.
New customers increased 9% year over year, representing the first customer increase in 2 1/2 years.
Net loss was $19.0 thousand, or $(0.00) diluted earnings per share, compared to net income of $4.3 million, or $0.21 diluted earnings per share, for the prior year quarter.
Adjusted EBITDA was $2.7 million, a decrease of 64% compared to $7.6 million for the quarter ended December 31, 2021.
PetMed Express
PetMed Express
Forward Guidance
The company expects to complete the evaluation of potential for further sales tax contingencies in the quarter ending March 31, 2023, the results of which could have a material effect on the results of operations.