PetMed Express shares jump 2% after profit beats estimates
PetMed Express Inc. shares rose 2% in premarket trade after the online pet pharmacy beat profit estimates for its fiscal fourth quarter. PetMed said it had net income of $10.2 million, or 50 cents a share, in the quarter to March 31, up from $7.5 million, or 37 cents a share, in the year-earlier period. Sales rose to $67.3 million from $63.0 million. The FactSet consensus was for EPS of 47 cents and sales of $68.8 million. Chief Executive Mederes Akdag said margins rose to 37% from 35.1%, boosted by a product mix shift to higher margin items. "Average order value was $89 for the March quarter compared to $86 for the same quarter the prior year," said Adkag. "In fiscal 2019, we will look to build on past successes by focusing on sales growth and further improving our customer service levels." Shares have gained 42% in the last 12 months, while the S&P 500 has gained 11%.
