PetMed Express Earnings: PETS Stock Sinks 16% Despite Strong Q1 Results

PetMed Express (NASDAQ:PETS) earnings for the online pet pharmacy company’s fiscal first quarter of 2020 have PETS stock falling on Monday. That’s despite its diluted earnings per share of 39 cents matching Wall Street’s estimate for the quarter. Its revenue of $96.2 million also beats out analysts’ estimates of $87.93 million.

PetMed Express Earnings: PETS Stock Sinks 16% Despite Strong Q1 Results
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Here are some additional highlights from the most recent PetMed Express earnings report.

  • Diluted per-share earnings are up 50% from 26 cents during the same time last year.
  • Revenue for the quarter comes in 20.3% higher than the $79.99 million reported in fiscal Q1 2019.
  • Operating income of $9.44 million is a 53.3% increase year-over-year from $6.16 million.
  • The PetMed Express earnings report also has net income coming in at $7.77 million.
  • That’s a 45.5% jump from its net income of $5.34 million reported in the same period of the year prior.

Menderes Akdag, president and CEO of PetMed Express, said this in the earnings report.

“During the June quarter demand in the ecommerce channel continued to be strong, with consumers shifting their purchases to online, which positively impacted both our top and bottom line. In addition to sales growth, our operating income margins improved by 210 basis points, which positively impacted our earnings in the quarter.”

PetMed Express doesn’t include an outlook in its current earnings report. However, the company notes it has continued normal operations throughout the novel coronavirus. It’s also expecting a major redesign of its website in 2021.

PETS stock was down 15.9% as of Monday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

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