PetMed Express posts “disappointing” earnings in the first quarter of 2022
The Florida-based company reported income of $2.8 million in the last 3 months, 28% less than in 2021.
The company delivered net sales of $70.2 million in the quarter ending June 30, 2022. This is 11.5% less against the same period for 2021, when sales accounted for $79.3 million.
Matt Hullet, CEO and President of PedMed Express, admitted disappointment with the numbers but noted to investors that they knew that the colder temperatures in April would “have a material impact on sales due to the delay in our seasonally sensitive flea and tick business.”
“Absent that, we would have seen a stabilization of our business on a year-over-year basis especially in our loyal returning base. The business strengthened throughout the quarter, including a recovery in our business later in the quarter with improving new and returning customers,” he added.
PetMed was founded in 1996, specializing in prescription and non-prescription pet medications and other healthcare products for dogs, cats and horses.