PetMeds reports year-over-year sales increase, 130% less income
Half of the company’s revenue comes from recurrent purchases and subscriptions.
Online pet pharmacy PetMeds reported net sales worth $78.2 million (€71.2M) in its quarter ending 30 June 2023. In the same quarter of last year, the Florida-based firm posted $70.1 million (€63.8M) in revenue.
CEO and President Matt Hulett highlighted that this quarter marks the first time in over 2 years that PetMeds has achieved year-over-year growth in their top line.
Despite revenue growth, the company experienced a net loss of $887,000 (€808,000). This is a decrease of 132% against last year, when PetMeds posted a net income of $2.7 million (€2.53M)
More customers thanks to acquisitions
Hulett mentions that 49% of the company’s total revenue was derived from its AutoShip subscription and PetPlus membership programs.
During the quarter, there was a 25% increase in new customers compared to last year. According to PetMeds, this is the third consecutive quarter showing customer growth.
The customer growth has been driven by PetCareRx’s client base, an e-commerce player acquired by PetMeds earlier in the year.
“The acquisition of PetCareRx has unlocked tremendous growth opportunities, allowing us to expand our product catalog and capitalize on synergies between the two,” adds Hulett.
PetMeds announced a partnership with Pumpkin to launch a pet insurance product. The firm expects to launch the product this month.