UPDATE: PetMed Express Posts Higher Q3 Profit

reported a rise in its earnings for the fiscal third quarter. The Pompano Beach, Florida-based company posted a quarterly profit of $4.8 million, or $0.24 per share, up from $4.5 million, or $0.23 per share, in the year-ago period. Its revenue dropped to $49.3 million from $50.1 million. However, analysts were expecting earnings of $0.22 per share on revenue of $49.3 million. Its online sales for the quarter were around 80% of all sales, versus 79% in the year-ago quarter. The company's board declared a quarterly dividend of $0.17 per share on the common stock. Menderes Akdag, President and CEO said, "During the quarter we were able to increase gross profit margins and average order size. For the quarter ended December 31, 2014 our gross margins increased 98 basis points, which can be attributed to a shift in sales to higher margin items. Our average order size increased to $76 for the December quarter, compared to $72 for the same period in the prior year.” PetMed Express shares rose 0.93% to close at $14.17 on Friday.