PetMed Reports Healthy Q3

PetMed Express Inc.'s third-quarter net sales totaled $25 million compared with $14.2 million in the three months ended Sept. 30, 2002, the Pompano Beach, FL, company said yesterday.

The company sells prescription and nonprescription medication and health and nutritional supplements for pets through a catalog and Web site.

Net income totaled $1.8 million in the quarter, up 787 percent from $205,000 in the same quarter last year.

Net sales in the six months ended Sept. 30 were $55.4 million, versus $29.1 million in the six months ended Sept. 30, 2002. Net income was $3.3 million for six months, up from $1.1 million.

“In addition to the increases in sales and profits for the quarter, our reorder sales increased 103 percent, from $6.4 million to $12.9 million for the three months ended Sept. 30, 2002, and 2003, respectively,” CEO Mendo Akdag said in a statement.

“We also reported new-customer growth of approximately 166,000 customers for the quarter, and approximately 49 percent of all orders were placed on our Web site for the quarter in comparison to 40 percent for the same period a year ago.”

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