PetMed Express fiscal 1st-quarter profit rises

By Associated Press
July 21, 2008 | Comments (0)

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PetMed Express Inc., a pet-medication delivery company, on Monday said it earned a higher fiscal first-quarter profit that topped expectations by a penny, partly on contributions from new customers.

Profit rose around 7 percent to $6.6 million, or 28 cents per share, from $6.2 million, or 25 cents per share, a year earlier.

Sales rose nearly 16 percent to $68.4 million from $59 million. New order sales rose 17 percent to $22.1 million from $19 million a year earlier.

Analysts polled by Thomson Financial expected earnings of 27 cents per share and sales of $65.3 million.

Chief Executive Menderes Akdag said the company saw a 17 percent rise in new order sales, and acquired 267,000 new customers. A year ago, the company acquired 236,000 new customers.

The stock rose 50 cents, or 3.7 percent, to $14 in morning trading.

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