PetMed Express 2Q Earnings Rise 12 Percent

POMPANO BEACH, Fla. (AP) — Pet-medication delivery company PetMed Express Inc. said Monday that its second-quarter profit rose 12 percent as the company recorded higher sales and added new customers.

However, revenue missed Wall Street expectations, sending shares down $2.23, or 11.3 percent, to $17.45.

For the quarter ended Sept. 30, the company earned $6.3 million, or 28 cents per share, compared with $5.8 million, or 25 cents per share, a year earlier.

Analysts surveyed by Thomson Reuters, whose estimates generally exclude one-time items, forecast net income of 28 cents per share.

Sales rose 5 percent to $62.4 million from $59.6 million. The results missed Wall Street's estimate of $66 million.

Reorder sales rose by 11 percent to $45.8 million, and the company acquired 233,000 new customers.