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Why Are Shares Of Petmed Express Higher By 30%?

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Why Are Shares Of Petmed Express Higher By 30%?

PetMed Express (NASDAQ: PETS) is trading sharply higher after reporting second-quarter earnings of 33 cents per share, which beat the analyst consensus estimate of 26 cents by 26.92%. This is a 36.54% decrease over earnings of 52 cents per share from the same period last year.

The company reported quarterly sales of $69.936 million, which beat the analyst consensus estimate of $69.65 million by 0.41% This is a 2.04% decrease over sales of $71.396 million the same period last year.

"We were encouraged with improvements to our reorder sales and gross and operating margins during the quarter,” said Menderes Akdag, CEO of PetMed Express. “Gross margins improved by 130 basis points from 27.3% in the June quarter to 28.6% in the September quarter, and operating margins improved by 430 basis points from 7.7% in the June quarter to 12.0% in the September quarter.”

PetMed Express shares were trading up 32.3% to $25.71 at time of publication. The stock has a 52-week high of $33.28 and a 52-week low of $15.

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