UPDATE: PetMed Express Posts Drop In Q4 Earnings, Declares Dividend
PetMed Express (NASDAQ: PETS) reported a 1.7% drop in its fiscal fourth-quarter earnings.
PetMed's quarterly profit fell to $4.5 million, or $0.23 per share, versus a year-ago profit of $4.6 million, or $0.23 per share.
Its sales fell 4.9% to $48.6 million. However, analysts were expecting earnings of $0.22 per share on sales of $52 million.
PetMed's board declared a quarterly dividend of $0.17 per share.
The company's press release offered the following comment from Menderes Akdag, President and CEO:
"We were able to increase our gross margins for the quarter and decrease our operational expenses to improve our bottom line results for the fiscal year. For the quarter ended March 31, 2014 our gross profit increased 24 basis points, which can be attributed to a cost reduction in certain brands. For the fiscal year ended March 31, 2014 our operating expenses decreased by 83 basis points, mainly due to a reduction in advertising spending and the leveraging of our general and administrative expenses. Sales were negatively impacted during the quarter due to the colder-than-normal weather. Average order value was $75 for the fiscal year compared to $73 for the prior fiscal year, which was due mainly to a change in product mix to higher priced items. For fiscal 2015 we are focusing on improving our new order sales."
PetMed shares dropped 1.63% to close at $12.66 on Friday.
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