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Mar 31, 2022
PetMed Express Q4 2022 Earnings Report
Announced financial results for the quarter and fiscal year ended March 31, 2022.
Key Takeaways
PetMed Express reported a decrease in net sales and net income for the quarter ended March 31, 2022. Net sales decreased by 7.9% to $66.0 million, and net income declined by 11% to $6.1 million, or $0.30 diluted earnings per share.
Net sales for the quarter ended March 31, 2022, were $66.0 million, a decrease of 7.9% compared to the prior year quarter.
Net income for the quarter ended March 31, 2022, was $6.1 million, or $0.30 diluted earnings per share, an 11% decrease from the prior year quarter.
Adjusted EBITDA for the quarter was $9.5 million, or $0.47 diluted per share, compared to $10.4 million, or $0.52 diluted per share, for the quarter ended March 31, 2021.
AutoShip subscription service grew to 37% of total revenue for the month of March.
PetMed Express
PetMed Express
Forward Guidance
The company expects demand to normalize in the flea and tick and heartworm categories once the colder weather subsides and intends to continue to pay regular quarterly dividends; however, the declaration and payment of future dividends is discretionary.
Positive Outlook
- Expect demand to normalize in flea and tick and heartworm categories
- Acceleration of AutoShip subscription service which grew to 37% of our total revenue for the month of March.
- The Board of Directors declared a quarterly dividend of $0.30 per share on the Company’s common stock.
- The dividend will be payable on May 27, 2022, to shareholders of record at the close of business on May 20, 2022.
- Continue to pay regular quarterly dividends
Challenges Ahead
- Remains disappointed with the continued decline in sales
- A cooler March in most of the country delayed the usual start of the flea-and-tick season
- March's sales negatively impacted, resulting in a larger sales decline for the quarter
- Declaration and payment of future dividends is discretionary
- Subject to a determination by the Board of Directors each quarter following its review of the Company’s financial performance.