PetMed Express, Inc. (PETS) reported first-quarter net income of $5.8 million, or $0.29 per share, compared to $5.0 million, or $0.25 per share, prior year.
On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.28 for the quarter. Analysts' estimates typically exclude special items.
Net sales were $71.6 million, compared to $72.5 million, last year, a decrease of 1.3%. Analysts expected revenue of $73.04 million for the quarter.
Menderes Akdag, CEO, said: "We were able to decrease our operational expenses to improve our bottom line results for the quarter. Our operating expenses decreased by about 260 basis points, which can be attributed to a reduction in advertising spending."
The Board of PetMed Express declared a quarterly dividend of $0.18 per share on the company's common stock. The dividend will be payable on August 14, 2015, to shareholders of record at the close of business on August 3, 2015.
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