Petmed Express Q2 Profit Surges

(RTTNews) - Petmed Express Inc. (PETS) Monday reported a surge in second quarter net profit to $8.760 million from $4.899 million in the prior year. On a per share basis, earnings climbed to $0.43 from $0.24 a year ago.

On average, 5 analysts polled by Thomson Reuters expected the company to earn $0.3 per share. Analysts estimates usually exclude special items.

Net sales for the quarter increased 10 percent to $66.711 million from $60.79 million a year ago. Online sales increased 12 percent. Wall Street expected revenue of $67.36 million.

The company attributed the growth in profit to higher revenue with a shift in sales to higher margin items in the flea, tick and heartworm categories.

The company said its Board of Directors declared a quarterly dividend of $0.20 per share payable on November 17 to shareholders on record November 6, 2017.