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Petmed Express Inc. has a market cap of $255 million; its shares were traded at around $12.54 with a P/E ratio of 15.9 and P/S ratio of 1.1. The dividend yield of Petmed Express Inc. stocks is 4%. Petmed Express Inc. had an annual average earning growth of 28.2% over the past 10 years.
Highlight of Business Operations:The Company markets its products through national television, online, and direct mail/print advertising campaigns which aim to increase the recognition of the “1-800-PetMeds” brand name, and “PetMeds” family of trademarks, increase traffic on its website at www.1800petmeds.com, acquire new customers, and maximize repeat purchases. Approximately 77% of all sales were generated via the Internet for the three months ended December 31, 2011, compared to 72% for the same period ending December 31, 2010. The Company s sales consist of products sold mainly to retail consumers. The Company s sales returns average was approximately 1.5% and 1.3% for the quarters ended on December 31, 2011 and 2010, respectively. The three-month average retail purchase was approximately $73 per order for the quarter ended December 31, 2011, compared to $77 per order for the quarter ended December 31, 2010. The nine-month average retail purchase was approximately $77 and $80 per order for nine months ended December 31, 2011 and 2010, respectively.
Sales increased by approximately $5.4 million, or 12.0%, to approximately $50.5 million for the quarter ended December 31, 2011, from approximately $45.1 million for the quarter ended December 31, 2010. For the nine months ended December 31, 2011, sales increased by approximately $1.6 million, or 0.9%, to approximately $182.3 million, compared to $180.7 million for the nine months ended December 31, 2010. The increase in sales for the three and nine months ended December 31, 2011 was primarily due to increased new order and reorder sales during the third quarter of fiscal 2012. The increase in new order sales for the quarter may be attributed to increased advertising expenses and a decrease to customer acquisition costs. The Company acquired approximately 150,000 new customers for the quarter ended December 31, 2011, compared to approximately 111,000 new customers for the same period the prior year. For the nine months ended December 31, 2011, the Company acquired approximately 560,000 new customers, compared to approximately 515,000 new customers for the same period the prior year.
Cost of sales Cost of sales increased by approximately $5.2 million, or 18.4%, to approximately $33.4 million for the quarter ended December 31, 2011, from approximately $28.2 million for the quarter ended December 31, 2010. For the nine months ended December 31, 2011, cost of sales increased by approximately $6.8 million, or 6.0%, to approximately $121.1 million compared to $114.3 million for the same period in the prior year. The increase in cost of sales is directly related to the increase in sales for the three and nine months ended December 31, 2011. As a percent of sales, the cost of sales was 66.0% and 62.5% for the three months ended December 31, 2011 and 2010, and 66.4% and 63.2% for the nine months ended December 31, 2011 and 2010, respectively. The percentage increases can be mainly attributed to more aggressive sales pricing and increases in our product costs.
Cost of sales increased by approximately $5.2 million, or 18.4%, to approximately $33.4 million for the quarter ended December 31, 2011, from approximately $28.2 million for the quarter ended December 31, 2010. For the nine months ended December 31, 2011, cost of sales increased by approximately $6.8 million, or 6.0%, to approximately $121.1 million compared to $114.3 million for the same period in the prior year. The increase in cost of sales is directly related to the increase in sales for the three and nine months ended December 31, 2011. As a percent of sales, the cost of sales was 66.0% and 62.5% for the three months ended December 31, 2011 and 2010, and 66.4% and 63.2% for the nine months ended December 31, 2011 and 2010, respectively. The percentage increases can be mainly attributed to more aggressive sales pricing and increases in our product costs.
Gross profit increased by approximately $229,000 or 1.4%, to approximately $17.2 million for the quarter ended December 31, 2011, from approximately $16.9 million for the quarter ended December 31, 2010. For the nine months ended December 31, 2011, gross profit decreased by approximately $5.3 million, or 7.9%, to approximately $61.2 million compared to $66.5 million for the same period in the prior year. Gross profit as a percentage of sales was 34.0% and 37.5% for the three months ended December 31, 2011 and 2010, and 33.6% and 36.8% for the nine months ended December 31, 2011 and 2010, respectively. The percentage decreases can be mainly attributed to more aggressive sales pricing and increases in our product costs.
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