PetMed Express (PETS) Misses Q4 EPS by 6c, Revenues Miss

PetMed Express (NASDAQ: PETS) reported Q4 EPS of $0.34, $0.06 worse than the analyst estimate of $0.40. Revenue for the quarter came in at $71.68 million versus the consensus estimate of $74.03 million.

Menderes Akdag, President and CEO, commented: “Overall we were pleased with our fiscal 2021 results with increases to both our top and bottom line. The year started out with greater than expected ecommerce demand due to COVID-19, with consumers shifting their purchases to online, which positively impacted our sales for the year, then in the back half of fiscal 2021, veterinarian clinics and retail stores re-opened. Our bottom line was positively impacted by growth in our gross margins by 50 basis points, due to having direct relationships with the major manufacturers, and with our operating expenses decreasing by 76 basis points, which resulted in a 126 basis points improvement to our operating income. Cash from operations increased to $40.1 million in fiscal 2021, compared to $38.8 million in fiscal 2020. In the quarter ended March 31, 2021 the reduction to sales and net income were possibly related to a pull forward of demand in the prior year due to the pandemic, along with colder weather during the March quarter, which might have delayed the start of flea and tick season. In fiscal 2022, we will be exploring alternative ways of acquiring new customers and adding value-added services, and we will continue investing in our e-commerce platform and mobile app to optimize our customers’ digital experience.”

For earnings history and earnings-related data on PetMed Express (PETS) click here.

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