UPDATE: PetMed Express FQ2 Profit Misses Estimates

PetMed Express

reported downbeat earnings for the fiscal second quarter. The Pompano Beach, Florida-based company posted a quarterly profit of $2.7 million, or $0.14 per share, versus a year-ago profit of $4.2 million, or $0.21 per share. Excluding non-recurring costs, its earnings came in at $0.19 per share. Its revenue fell 4.8% to $57.6 million from $60.5 million. However, analysts were estimating a profit of $0.21 per share on revenue of $61.22 million. The company's board declared a quarterly dividend of $0.17 per share. Menderes Akdag, CEO and President said, "While navigating through a shortened flea and tick season, we were able to maintain increased gross profit margins and an increased average order size. For the quarter ended September 30, 2014 our gross profit increased 23 basis points, which can be attributed to a shift in sales to higher margin items. Our average order size increased to $75 for the quarter ended September 30, 2014, compared to $73 for the same quarter in the prior year.” PetMed Express shares fell 0.23% to $13.08 at 11:00 a.m. ET.