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PetMed Express Management Discusses Q1 2013 Results - Earnings Call Transcript

Approximately 77% of our sales were generated on our website for the quarter compared to 73% for the same period the prior year. The seasonality in our business is due to the proportion of flea, tick and heartworm medications in our product mix. Spring and summer are considered peak seasons, with fall and winter being the off seasons.

For the first fiscal quarter, our gross profit, as a percent of sales, was 32.4% compared to 32.8% for the same period 1 year ago. The percentage decrease can be attributed to an increase in freight costs to improve service levels.

Our general and administrative expenses, as a percent of sales, was 8.6% for the first fiscal quarter compared to 8.3% for the same quarter the prior year. The increase was due to lower sales.

We spent $9.8 million in advertising for the quarter compared to $10.1 million for the same quarter the prior year, a decrease of about 2%. We reduced advertising late in the quarter due to increases in costs. The advertising cost of acquiring a customer was $50 for the quarter compared to $45 for the same quarter the prior year.

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