POMPANO BEACH, Fla., May 5, 2014 (GLOBE NEWSWIRE) -- PetMed Express, Inc. (Nasdaq:PETS) today announced its financial results for the fiscal year ended March 31, 2014. Net income was $18.0 million, or $0.90 diluted per share, for the year ended March 31, 2014, compared to net income of $17.2 million, or $0.86 diluted per share, for the year ended March 31, 2013, an increase to earnings per share of 4.7%. Net income for the quarter ended March 31, 2014 was relatively flat at $4.5 million, or $0.23 diluted per share, compared to net income of $4.6 million, or $0.23 diluted per share, for the same quarter the prior year. For the year ended March 31, 2014 net sales were $233.4 million, compared to $227.8 million for the year ended March 31, 2013, an increase of 2.4%. Net sales for the quarter ended March 31, 2014 were $48.6 million, compared to $51.1 million for the quarter ended March 31, 2013, a decrease of 4.9%. Online sales for the year ended March 31, 2014 were approximately 79% of all sales, compared to 77% for the prior year.
Menderes Akdag, President and CEO, commented: "We were able to increase our gross margins for the quarter and decrease our operational expenses to improve our bottom line results for the fiscal year. For the quarter ended March 31, 2014 our gross profit increased 24 basis points, which can be attributed to a cost reduction in certain brands. For the fiscal year ended March 31, 2014 our operating expenses decreased by 83 basis points, mainly due to a reduction in advertising spending and the leveraging of our general and administrative expenses. Sales were negatively impacted during the quarter due to the colder-than-normal weather. Average order value was $75 for the fiscal year compared to $73 for the prior fiscal year, which was due mainly to a change in product mix to higher priced items. For fiscal 2015 we are focusing on improving our new order sales."
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