Petmed Express Falls Below $10 After Q1 Prelim Earnings Announcement
Petmed Express (NASDAQ: PETS) is trading lower on the session after announcing its preliminary Q1 earnings. The company said it is expecting an EPS of EPS $0.20 vs $0.23 estimates and revenues of $69 million vs $77.29 million estimates.
Menderes Akdag, CEO and President, stated: "Although our sales were down due to a decline in average order size, we did see an increase in total orders. During the quarter ended June 30, 2012 our average order size was $73, compared to $80 for the quarter ended June 30, 2011. This reduction can be attributed to customers purchasing smaller quantities, for example a 3-month supply instead of 6 months, additional discounts given, and a change in product mix to lower priced items. In addition, the decrease in sales for the quarter can be attributed to the unavailability of Novartis brands during the quarter, due to the manufacturer's suspended production.
Petmed Express is currently trading at $9.90, a loss of $1.36 or 12.08%.
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