PetMed Express (NASDAQ: PETS) declared a quarterly dividend of $0.27 per share, or $1.08 annualized. This is an 8% increase from the prior dividend of $0.25.

The dividend will be payable on August 10, 2018, to stockholders of record on August 3, 2018, with an ex-dividend date of August 2, 2018.

The annual yield on the dividend is 2.7 percent.

Menderes Akdag, President and CEO, commented: “We were pleased with increases in both new order and reorder sales during the quarter, along with continued net income growth. This increase to net income can be attributed to increased revenues, which increased gross profit by $2.5 million. In addition, our net income growth was boosted by the Tax Reform Act of 2017, due to a decline in our federal tax rate from 35% to 21%. We expect our effective tax rate in fiscal 2019 to be approximately 24%. Average order value increased to $90 for the quarter compared to $87 for the same quarter the prior year. Net cash from operations for the quarter ended June 30, 2018 was $22.0 million, compared to $13.9 million for the same period last year. In fiscal 2019, we will look to build on past successes by focusing on sales growth and further improving our customer service levels.”

For a dividend history and other dividend-related data on PetMed Express (PETS) click here.